Mar 24, 2020

Cleveland Approves Loan Payment Relief for Small Businesses

Alert | Corporate, Tax & Transactional Alert

The Cleveland City Council has approved legislation that will provide loan payment relief for local small businesses. 

The emergency legislation, which was introduced and approved on Monday night, will allow Cleveland’s Economic Development Director to defer payment and accrual of interest on economic development loans issued by the city for six months. 

As part of the emergency legislation, related job retention and job creation requirements will also be suspended. The legislation also permits the Economic Development Director to assist businesses in getting similar deferments from other lenders. 

The legislation has been approved by Mayor Frank Jackson, and notification letters to applicable businesses will likely begin shortly. 

Should you have any questions regarding this recent change in light of the ongoing COVID-19 pandemic, please contact Marcus Pringle at 216.696.7077 or any of the listed attorneys. The alert will be updated when more information becomes available.  

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