Dear Business Representatives,
The Office of Economic Development remains committed to supporting our local businesses during this difficult time. Our immediate priority continues to be providing you with important information and resources for your business, operations, and employees in order to mitigate the COVID-19-related loss of business. This message marks our eighteenth message to you, which began in March during the onset of the COVID-19 pandemic, and we will continue to provide updates as the situation is constantly changing. Please know that the Office of Economic Development is hard at work for you each day: planning, preparing, and solving problems that your business faces right now.
Below you will find the most recent announcements and resources related to COVID-19 relief.
MILPITAS LOAN PROGRAM
On June 16, the Milpitas City Council approved a $200,000 loan program to assist small businesses with financial assistance during the economic devastation due to the COVID-19 pandemic. Microenterprise Business and Small Businesses that meet all eligibility criteria may be eligible for loans of up to $5,000 with 0% interest. Applications could become available on the City’s website as early as July as City staff and partners, Enterprise Foundation and Kiva, work collaboratively to develop the implementation of the program. Further details will be forthcoming in the coming weeks, and more information about this program can be found by clicking
here.
PPP DEADLINE IS JUNE 30
Recently, we informed you of new legislation signed into law on June 5 that modified several rules and regulations of the Paycheck Protection Program (PPP). This new legislation, known as the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), has since then been further supplemented by the U.S. Treasury and Small Business Administration (SBA), first on
June 8 and then again on
June 11. Clarifying guidance from both federal agencies state that the SBA will not be accepting applications for PPP loans after Tuesday, June 30. Roughly $129 billion in PPP funding is still available,
according to SBA, and links to the PPP are available on the SBA
website.
SBA REOPENS EIDL & EIDL ADVANCE LOAN APPLICATIONS
On June 15, the SBA began accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. Eligible small businesses may apply for the SBA EIDL and EIDL Advance
here.
MAIN STREET LENDING PROGRAM UPDATE
As a result of the Coronavirus Aid, Relief & Economic Security (CARES) Act, the Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses. Businesses may be eligible if they have 15,000 employees or fewer or had 2019 revenues of $5 billion or less. A business that receives a loan through the Paycheck Protection Program can also be eligible for the Main Street Lending Program. Eligible borrowers can apply with an approved lender. Eligible lenders are listed in the
program term sheets. For inquiries regarding the Main Street Lending Program please email:
[email protected].
FEDERAL RESERVE PROJECTS NO RATE INCREASE THROUGH 2022
On June 10, Fed Chairman Jerome Powell said the Federal Reserve will hold its benchmark interest rate near zero through 2022 to assist the economic recovery from the COVID-19 pandemic. Click
here to view Fed Chairman Powell’s press conference from this Wednesday.
ON-BILL CREDITS FOR QUALIFIED SMALL BUSINESSES
Silicon Valley Clean Energy (SVCE) is supporting the small business community by providing a $250 on-bill credit to qualifying local small businesses. Qualifying businesses will be receiving a notification letter and will need to fill out a short online application for the on-bill credit. Be on the lookout for your letter and follow the instructions to apply for your credit. Links to the On-Bill Credits are available on the
SVCE website.
WORKFORCE RELIEF
SVCE will be developing and delivering a training program to provide the tools and resources to expand knowledge of five different areas of all-electric building technologies. Local contractors, apprentices and journeypeople will be eligible to receive a $500 financial relief stipend upon completion of the online electrification training program. Enrollment for SVCE’s contractor training will be available beginning in late June to early July. If you would like to be notified when enrollment begins, please complete the
Workforce Relief Program Updates.
FREE PPE FOR MANUFACTURING COMPANIES (WHILE SUPPLIES LAST)
A partnership between the California Manufacturers & Technology Association (CMTA), Autodesk, and the State of California has created the "Safely Making California” Marketplace to help fill a critical gap for all sectors during the COVID-19 pandemic. The program connects CMTA member manufacturers and other manufacturers to employers who have the need to purchase non-medical grade Personal Protective Equipment (PPE). Click
here for more information.
MILPITAS BUSINESS ASSISTANCE
If you have any questions or need business assistance during COVID-19, please do not hesitate to contact the Office of Economic Development team by sending a message anytime to
[email protected].
In community spirit,
Alex
Alex Andrade
Economic Development Director
455 E. Calaveras Blvd., Milpitas CA 95035
