Important Dates for Small Business Grants & Forgivable Loans

TWO SMALL BUSINESS RESOURCES TO BE AWARE OF RIGHT NOW!

Verizon Small Business Recovery Grant -- Applications Due April 4th!

Small businesses across the country are confronting extreme economic challenges as a result of the COVID-19 pandemic. Financial support at this critical time can make the difference between staying in business or closing permanently, leading to lost income, jobs and economic stability.

Thanks to a $2.5 million investment from Verizon , LISC is offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.

APPLY HERE

Paycheck Protection Program -- Applications Open April 3rd!

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Loan payments will be deferred for 6 months.

When can you apply?

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

APPLICATION

FINANCIAL ASSISTANCE FOR IMMIGRANT-OWNED BUSINESSES

The city and state have emergency loan programs for immigrant-owned businesses, including undocumented immigrant-owned businesses, that may not qualify or be eligible for SBA Loans:

Los Angeles City Small Business Emergency Microloan Program

California Disaster Relief Loan Guarantee Program

DETAILS ABOUT GOVERNOR NEWSOM'S SMALL BUSINESS STIMULUS PACKAGE

1. CDTFA will allow small business taxpayers to enter into 12-month interest-free payment plans for up to $50,000 of sales and use tax liability. This offers what is effectively an immediate interest-free loan to small businesses, providing a bridge until they can get relief from the SBA or their businesses can get back on their feet.

2. Raising awareness about the Federal SBA PPP program. Small Businesses need to get ready to apply for the Paycheck Protection Program: a 100% guaranteed loan up to $10 million for employers who maintain payroll. Reach out to your lenders today or find a small business center to help you at business.ca.gov/centers . The application opens on April 3rd and is first come first served.

3. The Governor is allocating $50 million to the Small Business Finance Center at California’s IBank to mitigate barriers to capital for those small businesses that may not qualify for federal funds (including businesses in low-wealth and immigrant communities).