Please find up-to-date information on business resources here. Updated June 4, 2020
Yesterday evening the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The measure, which was passed by the House last week by a vote of 417-1, makes significant changes to the Paycheck Protection Program that are designed to help small business borrowers.
The key provisions include:
- Extends the time period in which borrowers must spend their PPP loans from 8 weeks to 24 weeks.
- Lowers the percentage of loan proceeds that must be spent on payroll from 75 to 60 percent.
- Extends the loan coverage period from June 30 to December 31, 2020.
- For the portion of the loan that isn’t forgiven, the measure extends the loan term from 2 years to 5 years.
The bill now heads to the president’s desk and is expected to be signed shortly.
Free COVID-19 testing now available for any local resident, even those without symptoms, Click Here for Info
Applications for small business loans funded by the Federal CARES Act will start being processed today! If you're looking for information on how to apply or how these loans can help cover expenses such as payroll, mortgages, or rent, click here to see a quick small business owner's guide that will help you get started.
Still can't find the answer to your question? Reach out to Jordan Cunningham's office at 805.549.3381 and we can help.
Many local business banks are reaching out to their clients about the Payment Protection Program. Please engage with you bank for help with this process.
Time: 2:00-3:00 p.m.
Online: GoToMeeting (registration required)
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020. https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA. https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
- LA Times article: Resources for restaurants and workers affected by the coronavirus crisis.
- Restaurant.org has Restaurant owner information and resources, link here
- Small business resources to help with COVID-19 impacts: A more overarching article with National Resources: Link Here
- (Source, U.S. Chamber) Information from the U.S. Chamber regarding their efforts with respect to the federal government’s response to the ongoing outbreak and impact on the business community. Please note the following links:
- Small Business Administration Disaster Resources:
- U.S. Chamber Resources:
- Today the U.S. Senate approved the “Families First Coronavirus Response Act,” which will provide immediate relief to American workers and families during this challenging time. For more information about the package, Click here for the U.S. Chamber's press release issued this afternoon.
- Webinar Link for the Small Business Majority Webinar hosted this March 18th at 10am.
- The South County Chamber hosted a Free Webinar "How to Access Capital For Your Business During the COVID-19 Outbreak" today March 18th at 12pm with information about getting access to capital through SBDC. The link below has the recording from today's webinar. The Q&A begins at 20 minutes.The link also includes the PDF from his presentation, link to the SBA Economic Injury Disaster Loan application (remember this is still being updated), SCCC Business Impact Survey, and many other resources.https://www.southcountychambers.com/covid-19-resourcesMore resources that were mentioned today:
Score SLO Chapter
Santa Barbara County SBDCPlease register for our next webinar. These will be weekly, Wednesdays at 11am. These are free and open to everyone.
- The Economic Development Collaborative (EDC) has compiled a list of resources now available for employees and employers who have been impacted by COVID-19. This was created by the EDC for Santa Barbara and Ventura Counties, however it has valuable information that could be very useful for our local businesses in SLO County. EDC COVID-19 BUSINESS RESOURCE GUIDE
- The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. The SBA’s Office of Disaster Assistance is working with the State of California to complete this step.Once SBA makes an Economic Injury Disaster Loan (EIDL) declaration in response to a Governor’s request, small businesses in primary declared counties, as well as contiguous counties, will be able to apply online for EIDL assistance at SBA.gov/disaster. Please visit this site, SBA.gov/coronavirus, and see the attached handout for more information. The application/approval process for EIDL loans is managed by our Sacramento office with contact info in the handout.
- All COVID-19 questions & concerns, please go to: ReadySLO.org
- Governor’s Office of Business and Economic Development has compiled helpful information for employers, employees and all Californians: https://business.ca.gov/coronavirus-2019/
- Employment Development Department Resources for FAQs about COVID-19 and employees https://www.edd.ca.gov/about_edd/coronavirus-2019.htm
- The California Chamber of Commerce and the Labor & Workforce Development Agency have outlined resources that might be useful for your company’s operations.
- Visit SLOCAL is reaching out to us to ask our Members to help us quantify and qualify the impacts of COVID-19 across SLO CAL. Please take a few minutes to fill out the survey: https://www.surveymonkey.com/r/9R3HSFJ
- Join this FREE Webinar "How to Access Capital For Your Business During the COVID-19 Outbreak" hosted by South County Chamber of Commerce on Wednesday March 18th, 12-12:45, CLICK HERE for details.
- Adopt a Neighbor -Templeton a Facebook Group started Sunday to help our local families get the things they need.
- For the most credible and up to date information, here are local information links, SLO County Public Health Department and the Center for Disease Control.
- Buy gift certificates to restaurants and shops to use as a later date
- Order take-out from local restaurants or get pre-ordered meals from local caterers.
- Order items online from your local favorite store’s website.
- Get creative with how you reach your customers, if you need more ideas please contact our office, (805) 434-1789 or email email@example.com.