JobsOhio Actions Support Businesses During COVID-19 Crisis

Mar 30, 2020 | News, Newsletter

JobsOhio has taken several actions to support Ohio businesses during the COVID-19 crisis.  JobsOhio has modified current programs and created temporary programs to provide flexibility and support cash needs of medium and small businesses.   These actions support a strategy to address immediate needs while looking toward the near future. 

JobsOhio wants to do as much as it can to make an impact in the near term, while keeping JobsOhio and the JobsOhio Network well positioned to support Ohio’s re-emergence on the other side of COVID-19. In addition to the actions listed below, JobsOhio has created a COVID-19 resource page on its website to help Ohio’s businesses navigate the changing landscape created by coronavirus disease 2019 (COVID-19).

JobsOhio actions include:

  • Statewide Liquor Buy Back
    • Executing an alcohol buy-back initiative allowing bars, restaurants, and F2 permit holders (non-profits) to return surplus product purchased in the last 30 days for a full refund upon return of their supply. This buy-back has a potential of providing restaurant and bar owners across Ohio up to $30 Million total savings. Nearly 800 buyback requests have been made to-date.
  • Loan Portfolio Interest and Payment Holiday (A program for businesses with a current JobsOhio existing loan only)
    • Payment deferment (no interest and no principal payments) for the next six months. Fifty companies are eligible, with over 9,500 employees around Ohio.
  • Program & Policy Adjustments (A program for existing JobsOhio client businesses only)
    • Expand allowable expenses and near-term relaxed compliance audit. Allow for expenses such as work from home technology and equipment and services to implement guidance associated with COVID-19.  Fund upfront vs. reimbursement.
  • Market Research, Analysis & Reporting / Resources and Communications
    • Economic Impact Memo to broad based statewide stakeholders several times a week to with updates on global, national, and Ohio economic/Coronavirus-19 trends. Sector specific Business resources website to re-enforce guidance provided by State of Ohio and resources for Ohio companies.
  • Workforce Retention Loan (A program for existing JobsOhio client businesses only)
    • Forgivable, six-month interest-free loan to companies who would use the loan to retain their workforce {this would act as a credit line for payroll}. Targeted to medium size private companies with least $50,000/month in hourly payroll workers. After 6-months, if employees are still working, the loan is forgiven.  JobsOhio will invest up to a $100 Million.  This loan will impact and support thousands of workers across Ohio.

Capitalizing on rural corporate site location opportunities

Rural communities are prime targets for companies considering a corporate site location project. Rural areas in the U.S. cover 97 % of the nation’s land area but contain 19.3 % of the population who are more likely to own a single family home, are older and less likely to hold a bachelor’s degree or be in poverty than their urban counters.

read more

AEP Names Wells Vice President, Sales, Economic and Business Development

American Electric Power (Nasdaq: AEP) has promoted Timothy J. Wells to vice president, Sales, Economic and Business Development, effective Nov. 2, 2020. Wells replaces Mark James who retired last month.

Wells, 55, will lead AEP’s efforts to attract new commercial and industrial customers to its service territory and help existing customers take advantage of AEP’s growing menu of business consultation services. AEP has unique expertise in the energy field and has become a trusted energy advisor to many of its larger customers. Wells will be responsible for leading growth in services that fall outside of the distribution and transmission of electricity, in addition to helping communities bring new jobs to their local economies.

read more