City of Long Beach Business Brief
Welcome to the Economic Development Department's Business Brief! We are continuing to ensure you are updated on the latest business resources and news.
Eligible business owners can apply for grant support from FOUND/LA. The application window opened Monday, January 11, 2021 at 9:00am and closes Sunday, January 17, 2021 at 11:59pm. Applicants will need to submit completed applications and required documents in order to qualify. Those who meet the eligibility requirements will be entered into a pool of eligible applicants. On designated selection days, grant recipients will be randomly selected from this pool until all funds are expended. The size of the grant will be between $5,000 and $25,000 depending on the size of the business. 

Eligibility Requirements:
  • Must be bricks and mortar businesses serving the neighborhood in which they’re located, where customers can come in during business hours;
  • Business must be located in LA County
  • Under 20 employees (includes full time, part time, and/or contracted workers)
  • Evidence of profitable business pre-COVID
  • Evidence of being negatively impacted by COVID
  • Company founded by February 2019
  • Revenue between $30K and $3M 
  • Must own at least 50% of the business
  • Must be willing to complete the application process and submit all required documents 
  • Must be willing to have your story told in FOUND/LA, TMC Community Capital, and/or Pacific Community Ventures’ print, digital, and audio outlets
Small Business Virtual Forum
Join this moderated panel conversation, focused on diversed community based businesses, funding opportunities, loans and grant help. This forum will share ways to help sustain and grow your business during this time and assist demystifying the loan application process with a Q & A.

Panelists include: TMC Community Capital, LISC LA, Inclusive Action, CDC Small Business Finance, Opportunity Fund and Jewish Free Loan Association

English Session: January 22, 2021 | 9:30-10:30 AM
Sesion en Espanol: 22 de enero | 11:00-12:00 PM

For more information, visit https://bit.ly/3ihPhyF
Federal Small Business Administration Announces Re-Opening of Paycheck Protection Program
The U.S. Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) opened January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community development financial institutions were able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders Tuesday, January 19, 2021.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. 

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

How to Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, and federally insured credit union that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. 

For more information, click here.
To access this information in a language other than English click here.
Shuttered Venue Operators Grant
The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Who can apply
Eligible entities include:
  • Live venue operators or promoters
  • Theatrical producers
  • Live performing arts organization operators
  • Relevant museum operators, zoos and aquariums who meet specific criteria
  • Motion picture theater operators
  • Talent representatives, and
  • Each business entity owned by an eligible entity that also meets the eligibility requirements
 
Other requirements of note:
  • Must have been in operation as of Feb. 29, 2020
  • Venue or promoter must not have received a PPP loan on or after Dec. 27, 2020
 
Detailed information on eligibility requirements coming soon. For more information, visit https://bit.ly/3nNrU10.

GO-Biz Now Accepting Applications for California Competes Tax Credits 
The Governor’s Office of Business and Economic Development (GO-Biz) is now accepting applications for the California Competes Tax Credit (CCTC). 
There are $80 million in tax credits available during this application period for businesses that are expanding and adding quality, full-time jobs in California that might not otherwise be created by the business or any other business. The deadline to submit applications is Monday, January 25, at 11:59 p.m. (Pacific Time) and the online application website will automatically close once this deadline has passed. The online application can be accessed at www.calcompetes.ca.gov. 

Members of the CCTC team are available to provide technical application assistance. In addition, an updated application guide, Frequently Asked Questions (FAQs), and program regulations are available at www.business.ca.gov/california-competes-tax-credit. 

Businesses interested in learning more about the CCTC can participate in a free application webinar. 

If you have any questions regarding the CCTC program or application process, please call (916) 322-4051 or email CalCompetes@gobiz.ca.gov.
Upcoming Webinars
Jan 19 @ 10:00 am - 11:30 am

This in-depth webinar addresses a multitude of important topics regarding legal entities and other important decisions business owner's need to make.

Jan 22 @ 11:00 am - 12:00 pm

Join the Long Beach SBDC for our Live Marketing Q&A addressing questions on how to effectively market and grow your business. SBDC advisor and Business Growth Strategist David Mitroff Ph.D. and Brad Pollak, Director of the Long Beach SBDC, will interact live with the audience via Zoom and answer questions covering a broad range of topics.

Jan 28 @ 11:00 am - 1:00 pm

This workshop will cover all aspects of creating a business plan, as well as emphasize the importance of setting measurable strategies and tactics to help achieve these goals.
Contact the City of Long Beach BizCare Hotline for Immediate Assistance:

Phone number: 562-570-4BIZ (4249)
Days: Monday - Friday
Hours: 8:00 a.m. to 5 p.m.

City staff will respond to voicemails made after business hours within 24 hours.