Two small business loan programs have been created as a result of the COVID-19 pandemic. These may help small business operations (growers) that are dealing with the economic challenges of the pandemic. Small business is defined as a company with less than 501 employees and California small businesses are eligible for both programs.
- The first program includes $1 billion to immediately assist small businesses hit hard by the current economic shutdown. Unlike traditional Small Business Administration (SBA) funding mechanisms, this program is being administered directly by the SBA and is live and accepting applications NOW.
- The second program includes the Paycheck Protection Program and the Economic Injury Disaster Loan (EIDL) program. These will be administered more like traditional SBA programs, i.e. through third-party 7(a) lenders.
Cornerstone Government Affairs, CAWG’s advocate in D.C., has prepared a summary of both programs (
If you are a small business, please review this summary for potential relief.
The CAWG Team