Resources offered to help businesses affected by COVID-19
- Lake County News reports
- Posted On
LAKE COUNTY, Calif. – The COVID-19 crisis is affecting us all, and with entire industries declared non-essential, local businesses are in need of support.
Resources are available, through both state and federal programs.
The following links offer current program information.
The Governor’s Office has established a resource page: https://business.ca.gov/coronavirus-2019/ .
This link includes information on everything from loan opportunities to guidance on whether businesses are considered essential or non-essential in light of COVID-19.
The U.S. Small Business Association also offers guidance and loan resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources .
These pages are regularly updated, and with programs changing due to legislative action at the federal and state levels, business owners are encouraged to frequently visit these webpages to stay current on the latest opportunities available.
On Thursday afternoon, Gov. Gavin Newsom announced new supports for small businesses.
The California Office of Emergency Services said that as of Friday, California small businesses impacted by the COVID-19 crisis can apply for a loan from the federal government for up to $10 million. The program is first-come, first-serve and the governor encourages all eligible California small businesses to contact their lender to learn more.
This federal program is called the Paycheck Protection Program, and is authorizing up to $349 billion in total funding.
For more information visit https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses .
The application for borrowers is available here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf .
CalOES also reported that the governor announced that the state is allocating $50 million to the California Infrastructure and Economic Development Bank for loan guarantees to small businesses to help eliminate barriers to capital for individuals who do not qualify for federal funds, including low wealth and undocumented immigrant communities.
The state is also allowing small businesses to defer payment of sales and use taxes of up to $50,000, for up to 12 months.
Lake County Economic Development Corporation also recently produced a webinar, which can be seen above, to help local businesses understand and access available resources.
Lake County Economic Development Corp. can be reached at 707-279-1540, Extension 101.