Coronavirus Crisis: Support For Small Businesses



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Actions By Congress To Address Crisis

Direct Payments To Americans

Extended Unemployment Benefits

Help For Workers

Support For Small Businesses
       
Information On Taxes

Help For Students and Children

Rent, Mortgages, And Evictions

 

More Than $375 Billion in Small Business Relief

The CARES Act provides more than $375 billion in small business relief, including $349 billion for forgivable loans to small businesses to pay their employees and keep them on the payroll; $17 billion for debt relief for current and new SBA borrowers; and $10 billion in immediate disaster grants.

These loans to small businesses will be 100 percent guaranteed, low-interest, no-fee loans of up to $10 million with repayment deferred for at least six months. The loans would also be forgivable up to 100 percent of the loan amount if the borrower has retained the same number of employees as when they received the loan.

Under the debt relief program included in the CARES Act, current and new Small Business Administration (SBA) borrowers, would be eligible for SBA-backed loans where SBA will pay the principal and interest for the next six months.

Under the immediate disaster grants included in the CARES Act, SBA can provide up to $10,000 to applicants within 3 days of applicants self-certifying they are eligible.

The House Committee on Small Business has put together a summary of the CARES Act detailing all of the bill’s provisions related to small businesses relief and assistance.

The U.S. Small Business Administration has a web page, located here, that details how small businesses can access these relief programs.

The California Small Business Development Center (CSBDC) has put together a detailed publication, located here, covering how small businesses can apply for COVID-19-related loans and fill out required forms to access assistance.

The CSBDC has also put together an extensive publication, located here, covering many COVID-19-related issues for small businesses including help with Economic Injury Disaster Loan, Employment Development Department guidance for business owners and employees, business interruption insurance, and many other topics.

On April 9, 2020, I held a telephone roundtable with small business experts who spoke on assistance and relief programs available to Orange County small businesses. You can see details of the event, find links to resources mentioned during the call, and listen to a recording of the entire event by clicking here.


Additional resources:

The US Small Business Administration (SBA) to provide up to $2M in Disaster Assistance Loans to businesses impacted by COVID-19. Learn More

SBA Guidance
for employers to plan and respond to COVID-19.

Centers for Disease Control (CDC) - Interim guidance for businesses and employers to plan, prepare and respond to coronavirus. Learn More

Department of Labor - OSHA- Check out this guide - Guidance on Preparing Workplaces for COVID-19. Download Now

The California Employment Development Department (EDD) - Reduced Work Hours - Unemployment Insurance Work Sharing Program - alternative to layoffs. Employer Info

California’s SBDCs are hosting a daily live webinar and Q&A on the Economic Injury Disaster Loan and the Paycheck Protection Program. Programs daily at 3pm PST. Registration is free. Click here to learn more.

EDD Tax Assistance - request a 60-day extension to file payroll and more. Call the EDD Taxpayer Assistance Center at 1-888-745-3886 (toll-free). More from EDD

California Infrastructure and Economic Development Bank (IBANK)- Disaster Relief Loan Guarantee Program (DRLGP), Jump Start Loan Program and more.

Department of Industrial Relations- Cal/OSHA Guidance on Requirements to Protect Workers from Coronavirus. Review the Aerosol Transmissible Diseases (ATD) and required protection.

L.A. County now has a single location where business owners and workers can get immediate help, tailored to your situation. You can get assistance from the L.A. County Business and Worker Disaster Help Center.

The Orange County Small Business Development Center can be reached at (714) 564-5200, or on the web by clicking here.

The City of Long Beach has Emergency Assistance Programs for developers, builders, business owners and property owners. The City also maintains a comprehensive business support web page on the City website.

The Long Beach Small Business Development Center can be reached at (562) 938-5100, or online by clicking here.

You can reach the Long Beach Economic Development Center at 562-570-4BIZ (4249), or online by clicking here.

The Los Angeles Regional Small Business Development Center (SBDC) Network hosted by the Long Beach Community College District is part of the nationwide SBDC program, and maintains a COVID-19 response guide on the California SBDC website with resources on how they can help.