SBA PAYCHECK PROTECTION PROGRAM REOPENS

The SBA has extended the Paycheck Protection Program (PPP) loan application window through August 8, 2020 in response to the Paycheck Protection Program Extension Act. PPP is designed to help small business, nonprofits, veteran organizations, Tribal concerns, self-employed individuals, independent contractors, and other eligible borrowers keep their workers employed during the COVID-19 crisis.
 
·    Loans will be fully forgiven if proceeds are used for payroll (at least 60%) and other designated business operating expenses (interest on mortgages, rent, and utilities) in the eight weeks following loan origination
·    Loan forgiveness is based on employer maintaining salary levels and quickly rehiring employees
·    Loans issued will have an interest rate of 1%, maturity of 5 years, first payment deferred for six months, and 100% guarantee by the SBA
·    No collateral, personal guarantees, or government or lender fees
 
The SBA is accepting applications July 6, 2020 through August 8, 2020.
Apply through any existing and currently issuing SBA 7(a) lender or other approved lender. Visit SBA website to access lender forms, guidance, & interim final rules. Questions? Visit the PPP FAQ page at https://www.sba.gov/document/support-faq-lenders-borrowers


The County of Ventura Business Assistance Grant Program
Deadline Wednesday, July 8th

The County of Ventura has created a COVID-19 Business Assistance Grant Program to provide grants of $5,000 awarded to small businesses and nonprofit organizations located in Ventura County to alleviate impacts from COVID-19.

The grant program is designed to cover expenses such as payroll support, rent and lease payments, costs for personal protective equipment, purchases related to the operation of their businesses, and extraordinary business expenses for adhering to compliance protocols for reopening (e.g., cleaning services, signage, customer interface capabilities, additional security, etc.).

If you have not applied, please consider the following:

  1. Even if your business is doing fine, this grant can be used to bolster your business, perhaps paying for some improvement that you have been putting off.
  2. The County will be doing future rounds of funding, however this is the only application period. Businesses need to apply NOW to be considered for future covid support.

For additional assistance, please call (805) 600-2875, email businessassistancegrants@vccf.org or visit vcreopens.com

The program has been developed by the County of Ventura in consultation
Ventura County Community Foundation, Economic Development Collaborative, and Women’s Economic Ventures.