WASHINGTON, D.C.—On Wednesday, March 3, Congressman Mike Turner (OH-10), along with local business leaders and members of the Ohio Bankers League, held a virtual press conference that highlighted the positive impact that Paycheck Protection Program (PPP) loans have had on Dayton businesses, and stressed an upcoming PPP loan application deadline to encourage local small business owners to take advantage of the opportunity to apply.
Recently, questions have grown among the small business community regarding rules and the timing of their loan applications. According to the Small Business Administration (SBA), small businesses and non-profits with fewer than 20 employees and sole proprietors can apply for Second Draw PPP loans from February 24 through March 9, 2021. The program will be open to all eligible entities from March 10 through March 31, 2021.
Congressman Mike Turner began the conference by emphasizing the importance of the Paycheck Protection Program to Dayton area businesses and highlighting the hard work of local banks to issue PPP loans:
"Over 7,300 business in Ohio’s 10th Congressional District are supported by the Paycheck Protection Program—clear evidence that this program remains vital to our community. Dayton area small business owners should be aware of this fast-approaching deadline and take advantage of PPP loans now. This program exists to help small businesses, and if our local businesses do not take advantage of PPP loans, businesses in other areas will," said Turner. "I'm grateful for the hard work of our local banks, which have remained flexible in their work to dispense these loans, and for my staff's work to assist more than 200 local small business owners during the pandemic."
Participants at the press conference included Maggie Ference, the SBA Director for Huntington Bank, Chris Kershner, President & CEO of the Dayton Area Chamber of Commerce, Jeff Hoagland, President & CEO of the Dayton Development Coalition, Pavan Parikh of Federal Home Loan Bank, Shon Myers, President and CEO of Farmers and Merchants Bank and Joel Bopp, Senior Commercial Lender of Minster Bank.
Maggie Ference, the SBA Director for Huntington Bank, stated:
"The PPP program has helped millions of workers stay connected to their employers by providing much-needed financial assistance to the small business community. This program remains open until March 31, and we encourage businesses to apply for their first or second draw of PPP," said Maggie Ference, SBA Director for Huntington. "Huntington and other lenders are proud to advocate for small businesses during this challenging time, and we remain committed to doing our part to process applications and keep America's small-business engine running strong."
Chris Kershner, President & CEO, the Dayton Chamber of Commerce, stated:
"We're working hard with our local financial institutions to connect businesses with the financial funding they need to push forward, especially those MBE and WBE businesses who've been historically underserved," said Kershner. "PPP helps Dayton area business preserve their investments in talent and workforce, ultimately positioning these businesses to emerge strong in a post-Covid-19 world. Workforce continues to be the #1 priority for Dayton area businesses."
Jeff Hoagland, President & CEO, the Dayton Development Coalition, stated:
"A company's workforce is one of its strongest assets. Before the pandemic, our local businesses worked hard to attract and retain top talent. The Paycheck Protection Program can give qualifying businesses the additional resources and flexibility to keep their staff and stay open during these difficult times."
Pavan Parikh, from Federal Home Loan Bank, stated:
"FHLB Cincinnati is proud to stand beside and behind our local financial institution members to make sure these PPP funds can get to the small business owners who are the lifeblood of the American economy."
Shon Myers, the President, and CEO of Farmers and Merchants Bank, stated:
"As a community bank, it is so rewarding to help small businesses navigate the PPP application and forgiveness process. I was talking with a sole proprietor who thought they were not eligible, and she did qualify and had a check for almost $15,000 two days later."
Joel Bopp, Senior Commercial Lender at Minster Bank, stated:
"To Date, Minster Bank has provided over 650 PPP loans through all rounds of financing. Many of those customers have been small and large businesses, self-employed sole proprietors. These loans have been used to keep and in some cases hire employees," said Bopp. "Minster Bank has invested in people and service to make the process easy for our new and existing customers. We have worked with our partners to provide guidance on changes to the program and qualifications. Minster Bank will work with you each step of the way. We are a community Bank working to meet the needs of our communities to ease the financial strain on businesses in today's Environment."
The Paycheck Protection Program was first established by the CARES act to provide forgivable loans to small businesses impacted by coronavirus shutdowns. The program has also been funded through subsequent coronavirus relief legislation, Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA). Congressman Turner voted for both of these pieces of legislation.
The most recent SBA data from August on PPP loans shows that $820 Million in assistance was provided to small businesses in OH-10, resulting in loans to 7,300 businesses in the district.
Recent reporting from the Dayton Daily News highlighted that PPP loans currently support one in three Dayton jobs. As the Dayton Daily News reports, according to the city of Dayton’s analysis of U.S. Treasury data PPP loans have helped retain as many as 35,562 jobs in Dayton.