Has your small business been negatively impacted by the COVID-19 pandemic?
Join us for a webinar on April 3rd from 10am to 11am PST. Terri Billups, Assistant District Director of Economic Development and U.S. SBA Los Angele District Office, will be joining us to discuss SBA loan options and how to apply for them. In this webinar we will discuss eligibility and the application process for two types of financial relief programs:
- Disaster Relief Loans: The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury during this challenging time. Small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000 and working capital loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
- Paycheck Protection Program: Additionally, the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed on Friday, March 27. This federal stimulus package has designated $349 billion for the Paycheck Protection Program (PPP). PPP will provide economic relief for small business that will go towards job retention and business operating expenses. Small businesses with up to 500 employees are eligible for up to $10 million in direct incentives to keep workers on payroll.