Having problems viewing this message? View it online The new CARES Act has implemented two new loan programs for small businesses to take advantage of in the coming days. As 70% of Californians are employed by small businesses, Visit Big Bear is keeping our local community updated on all the ways your business can receive aid during the COVID-19 Crisis.
Visit BigBear.com for additional info, insights, and links to relief resources and more.
Breaking Down the CARES Act EIDL and PPP Loans
Under the CARES Act signed and passed last week, two economic relief programs are available to small businesses across the nation. Eligible businesses include those with less than 500 employees, non-profit organisations, sole proprietorships, and independent contractors.
Economic Injury Disaster Loan - These are long term loans offering up to $2 million to help keep small businesses afloat by covering rent, utilities, payroll, and other financial losses. An advance of $10,000 is awarded whether or not your business is approved for a loan amount. This advance does not need to be repaid.
Though independent contractors and self employed persons may be eligible for both programs, it is recommended to apply for the EIDL Loan first.
Apply for the EIDL Loan online at https://www.sba.gov/page/disaster-loan-applications
Important: If your business applied for the EIDL Loan prior to March 30th, you need to re-apply to receive the $10,000 advance pay.
Paycheck Protection Program - The Paycheck Protection Program (PPP) is designed to help businesses keep employees on their payroll even if the business is experiencing a forced closure due to COVID-19.
Businesses who qualify for funding have the opportunity for loan forgiveness. It is recommended that businesses opt in for this program and keep paying employees rather than furloughing and sending workers to traditional unemployment. PPP loans can be used to cover rent, utilities, and other business expenses as long as 75% of the loaned amount is dedicated to payroll.
Unlike the EIDL Loan, PPP Loans must be negotiated with an FDIC insured bank or credit union. It is recommended to apply with your business' bank as priority will be given to current customers.
PPP Loans are awarded on a first come, first served basis. Businesses are urged to apply as soon as banks/credit unions can accept applications. Applications will be accepted through June 30th, 2020.
Your business may qualify for both loans types, however, funding must be allocated to different expenses!
Resources from the Small Business Administration (SBA)
Find further info and resources for COVID-19 relief funding from the SBA at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Sign up for SBA newsletters and stay up to date with the latest info at https://public.govdelivery.com/accounts/USSBA/subscriber/new?topic_id=USSBS_76
Additional Websites & Contacts for Small Business Aid
SBA for Inland Empire/Orange County District Phone: 714-550-7420
Small Business Development Center for Inland Empire Phone: 951-781-2345
Senator Mike Morrell Website COVID-19 Information & Resources Phone (Rancho Cucamonga): 909-919-7731 Phone (Sacramento): 916-651-4023
Assemblyman Jay Obernolte Website Phone (District): 760-244-5277 Phone (Capitol): 916-319-2033
City of Big Bear Lake Christine Bennett, Senior Administrative Services Analyst Phone: 909-866-5831
Chamber of Commerce Ellen Clarke Phone: 909-866-4607
UPCOMING WEBINARS
US Bank Webinar
Learn about your options for a small business administration loan for your nonprofit in response to the Covid-19 crisis. US Bank is hosting a free webinar Monday, April 6th at 12 PM to give you all the info and answers you need.
Speakers include:
Register at uwiv.org/sba Limited to 100 registered attendees.
U.S. Travel Association Webinar on CARES Act Relief Visit the US Travel Assoc. CARES Act Page to view resources on Paycheck Protection Programs, Business Tax Provisions, Small Business Express Loans, Disaster Loans, and more. See Eligibility Guidelines to see if your business qualifies for relief. Also see answers to Relief Program FAQs to be sure to gather all the facts to see how your business could benefit.
Read full Coronavirus Aid, Relief, and Economic Security Act for breakdown of Small Business Interruption Loans and Provisions.
Links for COVID-19 News & Updates
City of Big Bear Lake
Our community leaders are working hard to keep our locals updated with city and county info pertaining to the COVID-19 crisis. Sign up to receive City Manager Frank Rush's daily newsletters and stay updated!
See latest Coronavirus updates on their designated COVID-19 Page.
San Bernardino County
San Bernardino County is diligently updating and reporting on the COVID-19 crisis. Resources on their COVID-19 Page includes an ongoing case count, a statistics dashboard, and guidance materials for cities, employers/businesses, individuals, and more. You'll also find the most recent news releases and links to State and CDC resources.
The County of San Bernardino has established a COVID-19 Public Information Line that will operate from 9 AM to 5 PM, Monday through Friday. Access by calling (909) 387-3911. The public can also email the County at [email protected].
Signup for Flash Updates by calling (909) 356-3998 or emailing [email protected]
State of California
Keep up with the latest news at www.covid19.ca.gov as Governor Gavin Newsom implements new programs to provide relief to California's many industries. |