COVID-19: Keep
The Tri-Community Safe
Bunsiness Assistance Disaster Relief Information & Resources For Small Businesses
What is the CARES Act?
The new Coronavirus Aid, Relief, and Economic Security (CARES) Act Act provides $349 billion in Small Business Administration (SBA) loans. These loans are meant to provide emergency assistance to businesses affected by the coronavirus (COVID-19) pandemic. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak, including the Economic Injury Disaster Loans (EIDL), Emergency Economic Injury Grants, and the Paycheck Protection Program (PPP).
What are Economic Injury Disaster Loans (EIDL)?
An EIDL is a low interest loan with an optional $10,000 advance. Businesses can receive loans of up to $2 million with a 3.75% interest rate for businesses and a 2.75% interest rate for nonprofits with terms of up to 30 years. This loan offers an optional $10,000 advance as a non-repayable grant within days of a successful application.
What is the Paycheck Protection Program (PPP)?
The PPP is a loan program that provides loan forgiveness for retaining employees. The PPP is a 100% federally guaranteed loan to help small businesses keep workers on payroll for a period of 8 weeks during this crisis. The loans can be up to $10 million with a 1.0% interest rate with a term of two years. It will be fully forgiven if at least 75% of the entire loan is allocated towards payroll, funds are used for eligible uses, and employment and compensation levels are maintained.
Additional State, Local and Private Sector Loans & Grants
The Governor’s Office of Business and Economic Development (GO-Biz) has compiled helpful information for employers, employees, and all Californians as it relates to the coronavirus (COVID-19) pandemic. Additionally there are several loan programs available through the CDC Small Business Finance and the Small Business Administration.
CARES Act & Small Business Explained
SBDC COVID-19 Resource Guide
Coronavirus Emergency Loans Small Business Guide & Checklist
Small Business Owner's Guide to the CARES Act
How To Keep Your Restaurant Running and Successful Resource Guide
List of Essential Businesses
CURRENT STATE PUBLIC ORDER
The California State Public Health Officer and Director of the California Department of Public Health is ordering all individuals living in the State of California to stay home or at their place of residence, except as needed to maintain continuity of operation of the federal critical infrastructure sectors. This order is in effect until further notice. Details Here (includes a list of Essential Critical Infrastructure Workers)