4/3 - 4/11
This week's North Coast Small Business Pandemic Update covers the latest news in financial assistance:
  • Emergency loan programs from the City of Arcata, County of Del Norte, and others
  • The SBA Economic Injury Disaster Loan Program
  • Paycheck Protection Program & which lenders are taking applications
  • USDA financial help for farmers, ranchers, and ag cooperatives
  • Financial help for worker cooperatives
  • Small business grants
  • State business tax deadlines and deferrals

Take Action:

Stay tuned for news in the coming days about:
  • Faster, easier local emergency bridge loans to be announced early next week.
  • State-guaranteed emergency bridge loans through Financial Development Corporations to be announced
  • Regular updates about which lenders are or are not accepting Paycheck Protection Loan Program applications
  • A new Northern California SBDC information hotline for clients looking for answers about COVID 19 resources
Financial Management and Lending Webinars
Recursos e seminarios web en español
Arcata Business Resiliency Emergency Loan
  • Arcata businesses impacted by COVID-19. 
  • Loans of up to $10,000
  • 2.5% interest
  • Deferred payments for 6 months. Borrower can then convert to a traditional bank loan. Or the City will carry it with a 5 year loan repayment.

Information & Application here
Questions? Contact Susan Diehl McCarthy, Community Development Specialist II, sdiehlmccarthy@cityofarcata.org, ( 707) 825-2168
Del Norte Small Business Stabilization Loan
  • Del Norte micro businesses impacted by COVID-19
  • Loans of up to $5,000 (flexible)
  • 0% interest
  • Three year repayment term
  • Fewer than five employees
  • Crescent City business license, operating anywhere in Del Norte
  • In operation as of March 1st

I  nformation & Application downloadable here.
Questions? Contact Holly Wendt, hwendt@crescentcity.org , (707) 951-3003
SBA Economic Injury Disaster Loan Program (EIDL)


I applied early--before April 1st. Should I reapply?
Yes. If you applied early and your confirmation # starts with a 2 it's still wise to reapply. You will receive a new confirmation # starting with a 3. Keep both. Reapplying provides these benefits: (1) your application is incorporate directly into the faster, upgraded system and doesn't need to be moved over from the older system. (2) You can request an advance of up to $10,000 ($1,000 per owner/employee).

Is the EIDL program is running out of money?
Some clients have gotten notifications from The Office of Disaster Assistance stating that they can only receive two months of working capital up to $15,000 and up to $10,000 on the Emergency relief funding. Some applicants have not received this message. What w have  been told by SBA today is that the funding levels maximums remain unchanged and businesses in need of relief should still apply. As soon as we (SBDCs) have different or more detailed information we will alert you all with an update.

Will I get a $10,000 cash advance on my EIDL loan?
Applicants may receive a forgivable cash advance on their EIDL loan of $1,000 per employee and owner up to $10,000. On March 30th the SBA launched the improved online application (above) that included a checkbox to request that advance. If you applied before March 30th, you will need to reapply to request that. You'll get a new/additional applicant confirmation # starting with "3". This advance is fully forgivable whether or not the full EIDL loan is approved.

How do I check on the current status of my application?
EIDL application status updates are currently unavailable, we're told, so the SBA teams can focus on underwriting millions of dollars in loan requests. We're keeping an eye on this and will let you know as soon as we're updated on how clients can ask for the status of their EIDL applications.
SBA 7(a), 504, & other loan payments covered for now
  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020. (Note: This does not apply to PPP loans.)

If you have not yet heard from your lender about this contact them  today.
SBA Express Bridge Loans
  • Up to $25,000 to help small businesses overcome the temporary loss of revenue
  • Will be repaid in full or in part by proceeds from the EIDL loan
  • For small businesses that currently have a business relationship with an SBA Express Lender
  • Ask your financial institution directly whether they can do these

Current Express lenders in Northern Coastal California are:
  • Wells Fargo
  • US Bank
  • Chase
  • Comerica
  • Exchange Bank
  • Redwood CU
  • Western Alliance Bank
  • California Bank of Commerce
  • Redwood Capital Bank

Information on the SBA web site here
Paycheck Protection Program
  • This program is backed by a SBA 7(a) program federal guarantee and works through your local lender
  • The purpose is to provide a short term forgivable payroll to cover employee costs and some operating expenses.
  • Loan is worth 2.5 months of monthly payroll averaged over the prior 12 months.
  • Terms are 1% on a 2 year fixed note with no payments for the first six months.
  • Loan forgiveness depends on whether (a) employee and compensation levels are maintained; and (b) at least 75% of the loan proceeds are used to cover payroll costs over the 8 week period after the loan is approved.
  • Up to 25% of the loan can be used to pay for mortgage interest, rent, and utility costs.
  • Yes, borrowers can apply for both an SBA Economic Injury Disaster Loan and the Paycheck Protection Program loan. The Paycheck Protection Program loan funds and the Economic Injury Disaster Loan funds just can't be used for the same purpose.

Participating PPP Lenders (as of 4/10)
Financial institutions accepting Paycheck Protection Program loan applications currently:

On Hold - Submit Expression of Interest

Financial Intermediaries (FinTech)

Make sure your lender intermediary provides a Borrower’s Bill of Rights upon request ( here's a sample ).
Small Business Relief Fund
  • For self employed people and small businesses across California
  • Offered through CA micro-lender The Opportunity Fund and multiple funding partners
  • Working to raise $50 million to lend out. See April 7th update here.
  • Contact Opportunity Fund at 888-720-3215 (888-648-7859 en español) or click here to request information

Information on their web site here
Small Business Grant Programs
California Disaster Relief Loan Guarantee Program
  • This program is backed by a new $50 million state guarantee but works through your local lender
  • May offer capital for those who do not qualify for federal funds.
  • 1-750 employees
  • Loans up to $50,000
  • Apply through a participating "Financial Development Corporation". The list isn't yet finalized.

Information on the iBank web site here
USDA Rural Development
Farmers, Ranchers, and Agricultural Cooperatives see especially this matrix of COVID-19 emergency resources and contacts.

Visit rd.usda.gov/coronavirus for information on Rural Development Loan payment assistance, deferrals, application deadline extensions, and more.
Worker Cooperatives
California Tax Help
Business Tax Return Extensions
  • Most businesses filing a return for less than $1 million in taxes now have until July 31, 2020 to file first quarter returns. Find out more.

Small Business Sales and Tax Use Deferral
  • Effective April 2, 2020
  • For small business taxpayers with less than $5 million in taxable annual sales
  • 12-month interest-free payment plan for up to $50,000 of sales and use tax liability.
  • Request a payment plan online here or call customer service center at 1-800-400-7115 (CRS:711)

North Coast SBDC Center Service Continuity
When will I get introduced to my business advisor?
As you can imagine, the Center experienced a surge of new and returning clients once the pandemic emergency really set in. We're welcoming 50 new clients a week since March 16th--not counting returning clients. Your SBDC team is determined to get everyone currently on the waiting list through the process and paired up. Our goal is to reduce pending requests for emergency COVID help to a 1-3 day turnaround by the end of the week. Non-emergency consulting requests will be assigned as soon as possible.
Stay Updated COVID-19 Resources and Guidance for Small Business is updated daily or more: northcoastsbdc.org/covid19

Get Answers to Frequently Asked Questions About COVID-19 for your business  here and download the California SBDC's COVID-19 Survival Guide for Small Business here .

Sign up for the Small Business Emergency Response mailing list: surveymonkey.com/r/NorthCoastBizCOVID19

Get confidential layoff or closure help ... manage and support your employees during forced closures or layoffs emailing layoffhelp@northcoastsbdc.org or calling (707) 445-9720

Get confidential management or finance help ... figure out how to maximize income, reduce expenses, apply for disaster funding and more by signing up to speak with a business advisor at northcoastsbdc.org/apply
Is the Center headquarters open?
The office is closed BUT your North Coast SBDC team is working from home during our Shelter in Place order. Please call 707-445-9720 or email admin@northcoastsbdc.org instead. Visit the  North Coast SBDC Service Continuity Update page   to understand how we are handling your needs and questions.

Also, please be aware that staff are working at top intensity to respond to increased demand during the crisis so please start by accessing the resources above to see if we've already answered your question.

Is my workshop still running?
Probably. Most of our workshops through May are still on and are being offered virtually via Zoom. Register for the workshops you want to attend northcoastsbdc.org/calendar and we will send you login instructions. You'll need a computer, decent Internet speed, and ideally a separate phone. The workshops that require a high level of interaction and/or computer labs will be postponed.

Can I still meet with my business advisor?
Yes. Our advisors are independent contractors so we leave it up to you two to decide where and how to meet. Many of our advisors are prepared to meet with you by phone and/or videoconference to make sure you continue to get the help you need.

How do I use Zoom to access services virtually?
Zoom is the videoconferencing services we're using to deliver our workshops live. Most of our business advisors are also using to be in communication with you. It's flexible--can be used as a phone service, a videoconference service, to share views of what's on your computer so you can look at financial statements together, etc.

Please make sure that you have downloaded and installed the  Zoom program  on your computer in advance. It’s fairly fast and easy, but does take a few minutes.

And if this is your first time here is a short video tutorial on YouTube from Geeks on Tour: How do I join a Zoom meeting?
North Coast Small Business Development Center
Humboldt: (707) 445-9720 | Del Norte: (707) 464-2168
North Coast SBDC Learning Programs also generously funded by: