COLUMBUS—State Representative Laura Lanese (R-Grove City) recently announced the Ohio House’s passage of legislation that creates the definition of “microbusiness” in statute.
House Bill 5, sponsored by Representatives Dorothy Pelanda (R-Marysville) and Theresa Gavarone (R-Bowling Green), defines a microbusiness as an independently owned and operated for-profit business entity that is located in Ohio and has fewer than 20 full-time employees.
“This legislation recognizes the importance of the truly small businesses that are the backbone of our country and the engine of our economic growth,” said Rep. Lanese. “This classification of businesses should help such companies compete on a stronger basis for grants and allow future legislation to focus on helping these businesses. I am very happy to have had the opportunity to cosponsor this important legislation.”
The current definition of “small business” in state law includes entities with up to 400 workers, resulting in a large discrepancy between businesses with vastly different resources. This gap affects how businesses are defined for purposes of seeking loans and other connections with the government.
House Bill 5 now awaits consideration by the Ohio Senate.