Monthly news & updates
March 2021
New Rounds of California Small Business Covid-19 Relief Grant
Round 4 of the program is currently accepting applications from non-profit cultural institutions. The funding period was March 16- March 23, 2021, and now has been EXTENDED to March 26 at 5:00 p.m.

Eligible applicants: Only nonprofit cultural institutions with any revenue size that meet eligibility criteria.

Eligible grant award: $5,000 to $25,000

Details: Eligible nonprofit cultural institutions must complete a new application even if they already applied in Rounds 1 and 2; grants will only be available to nonprofits that did not receive funding in Rounds 1, 2 or 3; grants will be prioritized based on the documented percentage revenue declines based on a reporting period comparing Q2 and Q3 of 2020 versus Q2 and Q3 of 2019.

Round 5 will begin March 25 and will accept applications through March 31st.
That round will be for current waitlisted small businesses and nonprofits not selected in Rounds 1, 2, or 3 and new applicants that meet eligibility criteria.

AmPac President Pushed for Extended PPP Deadline as Witness at House Committee on Small Business Hearing
Hilda Kennedy was recently quoted after testifying before a congressional committee that Congress needs to extend the Paycheck Protection Program (PPP) application deadline by at least 60 days due to urgent challenges small businesses, CPA advisers, and lenders are facing with the $284.5 billion program.

"Hilda Kennedy, founder and president of AmPac Tri-State CDC, a CDFI in Ontario, Calif., provided an example quantifying the impact of the change from net profit to gross income in calculating PPP maximum loan amounts for Schedule C filers. The maximum loan amount available for a Latina-owned party-planning business went from $2,000 to $20,000 with the change to gross income."

Hilda was one of four panelists who addressed the committee during a two-hour hearing. The other three panelists, who represented community development financial institutions (CDFIs), the AICPA, community banks, and a Latina-owned party-planning business, echoed concerns about the March 31 deadline, the processing delays in the SBA system, and the impact of the changes to the PPP maximum loan calculations for Schedule C filers.
SBA Corner
SBA Extends Deferment Period for All COVID-19 EIDL and Other Disaster Loans Until 2022

WASHINGTON – The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.
  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers.
The American Rescue Plan What the New Relief Package Means for Small Businesses
Courtesy of Venturize

Congress has approved a new $1.9 trillion federal relief package, more commonly known as the American Rescue Plan. The stimulus legislation, the largest of its kind, includes several measures to help stabilize small businesses and the economy.

Some of the key provisions that will aid struggling small businesses are:

  • An additional $7.25 billion in funding for the Paycheck Protection Program (PPP). The program will also expand its eligibility for non-profits and digital journalism entities to apply.
  • The PPP still has about $119 billion left in funds from the previous relief package.
  • An additional $15 billion will go toward the Targeted Economic Injury Disaster Loan (EIDL) Advance program, which provides grants for small businesses in low-income areas.
  • The Restaurant Revitalization Fund, a new grants program, will provide $25 billion in relief funding for small restaurants. 
 
Upcoming Event
April 1, 2021

Financial Health Virtual Workshop
Hosted by Inland Empire Regional Chamber of Commerce in partnership with Wells Fargo 

2:00 pm-3:00 pm

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