North Coast Small Business Pandemic Update
How can we help you in 2021?
Snapshot
  • Arcata launches forgivable job retention loan for employers
  • California Relief Grant Program closed February 8, notifications arriving through March 31
  • Paycheck Protection Program Round 2 open through March 31
  • Shuttered Venue Operators Grant applications not yet launched
  • SBA Economic Injury Disaster Loan deadline extended to 12/31/2021
  • SBA 504 program commercial loan rates are VERY low through February
  • SBA waiving some business loan guarantee fees and payments
Got questions?
Do you have questions about all the COVID relief funding options out there? AskSBDC reviews them all and includes time for Q and A. Alternate weeks include guest attorneys from CaseForce

Wednesdays at 10:30 am via Zoom.
Local
Arcata's NEW Job Retention Loan Program for Employers
If you own an Arcata business affected by COVID-19 and have "low-to-moderate income" employees this loan program might be for you. If jobs are retained for 6 months the loan is forgiven.

RREDC Emergency Bridge Loans
RREDC's COVID emergency bridge loan program is still open for applications, If you need up to $25,0000 to continue business operations while waiting for approval for long-term disaster relief.

Loan terms: 2.5% interest rate, 6-month payment deferral, followed by a 60 month fully amortized loan.
Local Paycheck Protection Program Lenders
The SBA-backed Paycheck Protection Program is open through March 31st for both first time applicants and second-draw borrowers. (Learn more below.)

Local lenders ready to help:
AEDC
Other Paycheck Protection Program lenders:
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Federal
  • $104 Billion in forgivable PPP loans approved since January 11th.
  • 82% went to businesses requesting less than $100,000
  • 28% of businesses funded are in rural communities
PPP (Paycheck Protection Program)
You can still apply for your first or second Paycheck Protection Program loan through March 31st.

See above for local lenders handling PPP loan applications or visit Get Matched

PPP Loans can fund payroll costs and benefits, mortgage interest, rent, utilities, worker protection COVID-19 costs, and some other operation expenses.

Learn More:
EIDL (Economic Injury Disaster Loan)
If you didn't apply last year, the EIDL may still be an option for you since the deadline was extended through 12/31/2021. This loan comes directly from the Small Business Administration and covers working capital and normal operating expenses like benefits, rent, utilities, and fixed debt payments.

This loan is not forgivable, but payments are deferrable for one year. Terms are fixed at 3.75% for businesses and 2.75% for nonprofits, across 30 years and without pre-payment penalty or fees.

Small business owners, including Native American Tribe owned businesses, and qualified agricultural businesses may apply.
Growing? Learn about Low Rates, Waved Loan Fees & Payments
Do you need working capital to grow? Are you buying equipment or inventory? Do you want to buy or refinance commercial real estate? This may be a good time.

Real estate loan rates are unusually low right now. And the SBA is waiving some guaranty fees and covering full principal and interest payments on some new SBA 7(a) program loans.

Sign up to consult with your SBDC Business Advisor about loan pros and cons for your business.

Learn more about 7(a) small business loans or SBA 504 commercial real estate loans, then talk with your lender or visit LenderMatch.

Some of the local lenders that can help you with a SBA-backed loans include Redwood Capital Bank, Coast Central Credit Union, and AEDC Small Business Lending Center.
SVOG (Shuttered Venue Operator Grant)
Eligible entertainment businesses may qualify for grants equal to 45% of their gross revenue, up to a maximum of $10 million.

Live venue operators or promoters, performing arts organizations, theatrical producers, movie theater operators, some museums or zoos, and talent representatives.

The SBA is not yet accepting applications, but we will announce as soon as they launch.
ERTC (Employee Retention Tax Credit)
Have you held onto your employees through the COVID-19 crisis?

The refundable tax credit is worth 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Work with your tax accountant to access this credit and Learn More.
State
Visit business.ca.gov/coronavirus-2019 for a run down of all state support for small businesses during the pandemic.
CA Relief Grant
The CA Relief Grant Program round two applications are now closed. Applicants will start hearing back by email from Lendistry on February 11th.

How do I check if my application has been completed?
  1. Sign into the Portal using the partner page you submitted your application through.
  2. If your application has been completed, your status will say “Pending Document Upload”.
  3. Click “Upload Documents & Bank Info” to complete the application process.
  4. If your application is incomplete, you will need to click “Edit Application” to complete it before you can upload documents.

Click here to watch tutorial video How to Check if My Application is Complete.
iBank California COVID loans
Small businesses affected by COVID-19 pandemic may be eligible to apply for IBank’s COVID-19 Disaster Relief Loan Guarantee for Small Businesses. Find an approved lender.
LISC Rural Relief Small Business Grants
Sign up to be notified when LISC opens the next round of grant applications.
EDD (Employment Development Department)
Employers, self-employed, employees: for answers to questions about unemployment, paid family leave, disability insurance, or other employment concerns: Learn More
Resources for Landlords
For Government and Community Resources for Housing Providers learn more here.

For information on mortgage forbearance learn more here.
North Coast Small Business Development Center
Humboldt: (707) 445-9720 | Del Norte: (707) 464-2168
North Coast SBDC Programs also generously funded by: