Resources for Businesses Impacted by COVID-19

*LA COUNTY REOPENING PROTOCOLS*


U.S. Small Business Administration

  • Economic Injury Disaster Loan: Direct loan provided by the Small Business Administration (SBA) for up to $2 million at a rate of 3.75% for small businesses and 2.75% for nonprofits. California businesses have access to this program at sba.gov. Businesses may also contact the SBA 24hr Customer Service Center with questions at 1-800-659-2955 / 1-800-877-8339 (TTY).
  • Paycheck Protection Program: This program is an incentive program for businesses to keep workers on the payroll during the COVID-19 pandemic. The loan is forgivable on allowable expenses including payroll costs, mortgage interest, rent and utilities, but at least 75% must be for payroll. Payments will be deferred for 6 months. Apply and find additional information sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp.
    • The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
  • SBA Express Bridge Loans: Express Bridge Loan Pilot Programallows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Check out the Express Bridge Loan Pilot Program Guide for procedures applicable to the Express Bridge Loan Pilot Program.
  • SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. For more details, visit: sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

CA Economic Development Department

  • Work Sharing Program: Employers can apply for the Unemployment Insurance (UI) Work Sharing Program if reduced production, services, or other conditions cause them to seek an alternative to layoffs. This program helps employers minimize or eliminate the need for layoffs, and helps employers retain trained employees and avoid costs of recruiting and hiring new employees as business conditions improve.

CA Infrastructure and Economic Development Bank (IBank) Finance Programs

  • Disaster Relief Loan Guarantee Program: his disaster program provides guarantees for loans of up to $50,000 for small business borrowers in declared disaster areas. Learn more at ibank.ca.gov/small-business-finance-center/.

California State Treasurer’s Office

  • California Capital Access Program (CalCAP) (1-500 employees): Loan loss reserve program which may provide up to 100% coverage on losses as a result of certain loan defaults. Individual borrowers are limited to a maximum of $2.5 million enrolled over a 3-year period. Locate participating lenders at treasurer.ca.gov/cpcfa/calcap/sb/institutions.pdf.

Coronavirus Aid, Relief, and Economic Security (CARES) Act

  • The Small Business Owner’s Guide to the CARES Act provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.

Coronavirus Tax Relief

LA County

  • LA County Help Center: LA County has just launched a centralized call center and website providing free, one-on-one counseling and support for business owners and workers who have been adversely affected by the ongoing COVID-19 public health crisis. Open Monday to Friday from 8 a.m. to 4:30 p.m. for calls: (833) 238-4450
  • LA Regional COVID Fund: In response to the devastating effects that COVID-19 is having on the local economy, the County of Los Angeles and the City of Los Angeles, in partnership with institutional and corporate philanthropy, have come together to create the LA Regional COVID-19 Recovery Fund. The regional fund will offer loan and grant resources to micro-entrepreneurs, small businesses, and non-profits.
    • The Fund will deploy $3 million in grants available at $5,000 for micro-entrepreneurs and $15,000 for small businesses and non-profits operating in Los Angeles County over the course of four (4) months. The application portal for the first round of funding is now closed. The portal for Round 3 will be open August 3 through August 7, 2020. Learn more at lacovidfund.org/grants.