California COVID-19 Small Business Resources


Small Business Resources

Economic Injury Disaster Loan (EIDL)

 Provides small businesses with working capital loans of up to $2 million
• 3.75% interest rate (nonprofits 2.75% interest rate)
• SBA loan approved based solely on an applicant’s credit score.
• Loans smaller than $200,000 can be approved without a personal guarantee.
• No early payment penalties
• 30-year loan

https://covid19relief.sba.gov/#/

Emergency EIDL Grant

 All those applying for an EIDL loan will be eligible for up to a $10,000 emergency grant to be issued within 3 days of the application being received.
• Applicants must certify under threat of perjury that they believe they are eligible for the EIDL loan.
• The up to $10,000 grant is forgivable.

Qualified Expenses for Emergency EIDL Grant

• Providing paid sick leave to employees unable to work due to the direct effect of the COVID–19;
• Maintaining payroll to retain employees during business disruptions or substantial slowdowns;
• Meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains;
• Making rent or mortgage payments; and
• Repaying obligations that cannot be met due to revenue losses.

Paycheck Protection Program Loan

Who qualifies for a PPPL?
• Businesses with less than 500 employees
• Independently owned franchises with less than 500 employees
• “Accommodation and Food Services,” if each location has less than 500 employees
• Sole proprietors, independent contractors, self-employed individuals
• 501(c)(3) nonprofits AND
• Been in business since 2/15/2020 and paid taxes on your employees or independent contractors.

SMALL BUSINESS PAYCHECK PROTECTION PROGRAM The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Must Keep Employees on the Payroll—or Rehire Quickly Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. All Small Businesses Eligible Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries. When to Apply Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. How to Apply You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov. The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.

https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

All eligible business owners who have been unable to apply for a PPP loan through a bank or other financial institutions are encouraged to submit an inquiry here.

Small Business Development Center

SMALL BUSINESS DEVELOPMENT CENTER
hosted by: Economic Development Collaborative-Ventura County

LOCATION | Ventura County Small Business Development Center, 4001 Mission Oaks Blvd, Suite A-1 Camarillo, CA 93010
TEL 805.384.1800 | FAX 805.384.1805

Paid Sick Leave and FMLA Policies

https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave

https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave

Small Business Administration

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

Sweet N Salty Seaglass Mask Makers – located in Morro Bay.

Contact Lisa Tomblin

https://www.etsy.com/shop/