FAIRBORN, Ohio (WDTN) — Fairborn has made adjustments to the application requirements for business loans through the CARES Act.
The Fairborn Daily Herald reports that the city is now allowing businesses that received emergency assistance — such as personal protective equipment or other emergency COVID-19 assistance— to receive the second round of funding through the CARES Act. In order to qualify for a loan, businesses must have 25 or fewer employees and be within the Fairborn city limits. Businesses that were not eligible before can contact the Development Services Department.
Businesses can receive a maximum of $5,000 if they can retain one low-income job and are eligible for $10,00 if they retain two. Repayment for these emergency loans is deferred for a year and will need to be paid back in full within two years. The loan can be forgiven if the business can provide sufficient documentation that it was able to retain at least one low-to-moderate income employee for the first three months after receiving assistance.
Applications are reviewed on a case-by-case basis and determined on availability.