Resources Currently Available

Economic Injury Disaster Loans

EIDLs are lower interest loans of up to $2 million, with principal and interest deferment available for up to 4 years, that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.

 

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

  • Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with the LA County SBA District Office: Los Angeles District Office (phone: 818-552-3201, email: lado@sba.gov)

 

Resources that will be Available Once the CARES Act is Implemented – monitor SBA.gov for information as it becomes available.

Economic Injury Disaster Grants

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments. They are backdated to January 31, 2020, so even if you have already applied for an EIDL, you will be eligible.

 

Payment Protection Program (PPP) Loans

The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy to snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program is would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.

 

Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship – 501(c)(6) are eligible

This provision would provide a refundable payroll tax credit for 50 percent of wages paid by eligible employers to certain employees during the COVID-19 crisis. The credit is available to employers, including non-profits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers who have experienced a greater than 50 percent reduction in quarterly receipts, measured on a year-over-year basis.

 

Small Business Debt Relief Program

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.

  

How Can You Help?

  • FEMA released information for how to help via donations, volunteering and for the private sector. Their specific guidance includes:
  • Businesses that have medical supplies or equipment to donate are asked to go to >www.fema.gov< and provide of the offer through our online medical supplies and equipment form. The direct web link is >www.fema.gov/coronavirus/covid-19-donations<.
  • Businesses that want to sell medical supplies or equipment to the federal government, please email specifics to covidsupplies@fema.dhs.gov.
  • Licensed medical volunteers can offer their services by registering with the Emergency System for Advance Registration of Volunteer Health Professionals. You can access a direct link to do so through fema.gov
  • Donate Blood:  One thing people can do to help is to donate blood. Many blood drives have been cancelled, impacting the supply. Blood donation centers have the highest standards of safety and infection control. To find where you can donate blood, visit redcross.org.

 

How can I report non-essential businesses still operating?

  • The non-essential business closure was ordered by LA County Department of Public Health but they have not established a formal reporting mechanism for non-compliance.
  • The best way to interface with LA County DPH is to call 2-1-1.