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Applications for small business loans through CARE Act now available

According to Ohio Lt. Gov. Jon Husted, banks are now accepting applications from small businesses for loans through the CARE Act.

On Friday, Ohio Lt. Governor Jon Husted described the coronavirus (COVID-19) as not only a health virus but an economic one.

With the CARE Act aimed at helping lessen the burdens of the latter, Husted said he's received calls from banks who said they have received guidance from the Small Business Administration for the loans in the Payment Protection Program. Businesses who have already applied for the loans told Husted the process is a relatively easy one.

A part of the CARE Act, the Payment Protection Program is intended for employers with 500 employees or fewer. The loan can be forgivable for needs like payroll, interest on a mortgage, rent, and utilities.

As of Friday, Ohio has had 3,312 coronavirus cases, 895 of which have resulted in hospitalization, 288 ICU admissions and 91 deaths. Dating back to the discovery of the state's first positive coronavirus case on March 9, Ohio Gov. DeWine has taken several measures to encourage physical distancing, including a stay-at-home order that has resulted in closures and a decline in business across the state.

The stay-at-home order is currently in place until May 1.

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