With $349 Billion in Emergency Small Business Capital Cleared, SBA and Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds

WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.

The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. “This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day.  The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.” The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

  • The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

Loan Terms & Conditions

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
    • Interest rate of 0.5%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

SBA’s announcement comes on the heels of a series of steps taken by the Agency since the President’s Emergency Declaration to expeditiously provide capital to financially distressed businesses affected by the Coronavirus (COVID-19) pandemic. Since March 17, SBA has taken the following steps:

Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

News & Alerts!
As you should hopefully be aware of, the water mains on Caroline and Rebecca Ave are being replaced this Spring. This work is being done due to the considerable...Read More
  Job Posting: Hubbard Parks and Recreation Maintenance Work Hubbard Parks and Recreation is looking for a Maintenance worker. City parks to be maintained may include Mattinat, Waugh, Myron...Read More
The City of Hubbard is accepting applications for seasonal help. The position requires grass mowing and landscape work at the cemeteries and other additional city work. Work will be...Read More
The City of Hubbard is rolling out a voluntary EV registration program that looks to locate what makes and models of electric vehicles exist within in the city.  The...Read More
January 29, 2024  Limited Environmental Review and Finding of No Significant Impact City of Hubbard – Trumbull County 2023 Water Line Replacement Project Loan number: FS390460-0015 The attached Limited...Read More
The Winter Crisis Program (WCP) TCAP is assisting households with the Winter Crisis Program (WCP) from November 1, 2023 through March 31, 2024. Eligible applicants/households that may qualify for...Read More
The City of Hubbard has an opening on our Civil Service Board and Planning and Zoning Board of Appeals.  Volunteering provides an opportunity for citizen participation in the process...Read More
IN CASE YOU MISSED IT – SCOPE’s newest center will be located here in Hubbard at the Senior Center.  SCOPE is in the process of hiring a part-time center...Read More
NEW UTILITY RATES ARE NOW IN EFFECT. ALONG WITH CHANGES AND UPDATES IN THE ELECTRIC AND WATER RATES, THE EARLY PAY DISCOUNT HAS BEEN ELIMINATED. AS BEFORE, THE DUE...Read More
  Join us for a Meet & Greet to welcome SCOPE Senior Services and Carla to our community! Meet SCOPE Director Mike Wilson & Center Manager Carla Williams Pick...Read More
Santa’s house at Tylee Park will be open after the “Santa and Mrs. Claus Coming to Town Parade” Saturday, December 2nd.  Hot Chocolate and cookies will be served, and...Read More
The City of Hubbard has an opening on on the Park & Recreation Board.  Volunteering provides an opportunity for citizen participation in the process of government and increase their...Read More
Events
Calendar
Mon
Tue
Wed
Thu
Fri
Sat
Sun
M
T
W
T
F
S
S
26
8:00 AM - Christmas
27
28
29
30
31
1
3
8:00 AM - Civil Service
4
5
6
7
8
11
12
13
14
15
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1
2
3
4
5
26 Dec
12/26/2022    
8:00 am - 4:00 pm
Hubbard City Administration Offices will be closed in observance of Christmas.  We will reopen Tuesday, December 27, 2022 at 8:00 a.m. Merry Christmas!!  
02 Jan
01/02/2023    
All Day
City Administration Building will closed and re-open on Tuesday, January 3, 2023 in observance of New Year's Day.
03 Jan
01/03/2023    
8:00 am - 9:00 am
Will meet as needed at 8:00 a.m. in Mayor's Conference Room. (2nd -  Closed for New Year's Day)  
03 Jan
01/03/2023    
9:00 am - 9:30 am
Will meet at 9:00 a.m. as needed in the Mayor's Conference Room.
09 Jan
01/09/2023    
7:00 pm - 8:00 pm
Will meet at 7:00 p.m. in council chambers. Any business should be submitted to the Chairman at least one week prior to the meeting.  NOTE: [...]
10 Jan
01/10/2023    
9:00 am - 9:30 am
Will meet at 9:00 a.m. as needed in the Mayor's Conference Room.
10 Jan
01/10/2023    
7:00 pm - 8:00 pm
Will meet at 7:00 p.m. in council chambers.  NOTE: THE BOARD WILL MEET ONLY WHEN THERE ARE VARIANCES TO CONSIDER.
16 Jan
01/16/2023    
8:00 am - 4:00 pm
The City Administration Building will closed in observance of Martin Luther King, Jr. Day - we will re-open on Tuesday, January 17, 2023.
17 Jan
01/17/2023    
9:00 am - 9:30 am
Will meet at 9:00 a.m. as needed in the Mayor's Conference Room.
17 Jan
01/17/2023    
6:00 pm - 7:00 pm
Will meet at 6:00 p.m. in council chambers.
17 Jan
01/17/2023    
6:30 pm - 8:00 pm
Will meet in regular session at 7:00 p.m.  (Caucus at 6:30p.m.) in council chambers.
24 Jan
01/24/2023    
9:00 am - 9:30 am
Will meet at 9:00 a.m. as needed in the Mayor's Conference Room.
31 Jan
01/31/2023    
9:00 am - 9:30 am
Will meet at 9:00 a.m. as needed in the Mayor's Conference Room.
Events on 12/26/2022
26 Dec
26 Dec 22
Hubbard
Events on 01/02/2023
02 Jan
2 Jan 23
Hubbard
Events on 01/03/2023
03 Jan
3 Jan 23
Hubbard
03 Jan
3 Jan 23
Hubbard
Events on 01/09/2023
09 Jan
9 Jan 23
Hubbard
Events on 01/10/2023
10 Jan
10 Jan 23
Hubbard
10 Jan
Events on 01/16/2023
16 Jan
16 Jan 23
Hubbard
Events on 01/17/2023
17 Jan
17 Jan 23
Hubbard
17 Jan
17 Jan 23
Hubbard
17 Jan
17 Jan 23
Hubbard
Events on 01/24/2023
24 Jan
24 Jan 23
Hubbard
Events on 01/31/2023
31 Jan
31 Jan 23
Hubbard
Mon
01
Civil Service Commission
Apr 01 @ 8:00 am - 9:00 am
Contact

City of Hubbard
Municipal Building

220 West LIberty Street
Hubbard, OH 44425
P 330.534.3090
F 330.534.8441

Consumer Confidence Report
Click here to download

Cross Connection Program
Click here to download