03/30/2020
Small Business Owners
We know this is a scary time financially. Here is some basic information about the stimulus plans for aid to small businesses impacted by Covid-19. There are two key elements of the stimulus package we want you to be aware of and help you explore.
The first is a Paycheck Protection Program (PPP) that will offer small businesses low-interest rate loans up to $10 million to help you make payroll, pay rent or lease payments as well as other expenses such as medical benefits or paid sick leave. Some expenses under this program may be forgiven entirely. Any remaining balance that is not forgiven will roll into a 10-year loan with a 4% fixed interest rate.
The second program is for emergency Economic Injury Disaster Loans (EIDC). These loans can be up to $2 million and include an initial $10K grant that can be available almost immediately (within a few days) and may not need to be paid back. This loan will be at a fixed interest rate of 3.75% for 30 years. You can apply for both.
Bullet points regarding details and questions, as well as starting the application process can be found at: https://venturize.org/resources/covid-19-resources?state=California.
If you need assistance with rent or mortgage payments NOW, you need to apply before April 1, 2020. Once your loan application is complete, up to $10K in grant money can be dispersed in as little as 2-3 days.
If we can be of assistance to help you explore your options, please do not hesitate to reach out to us. If the task of disseminating all the information and navigating the process is overwhelming to you, we are here to assist. Please contact us via email at [email protected] for pricing options.
As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on....
