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HOW BUSINESSES AND NON-PROFITS CAN ACCESS SBA RESOURCES DURING THE COVID-19 EMERGENCY

4/2/2020

 
Picture
Dear Business Leader:

During these uncertain times, many business owners are seeking relief to keep their businesses afloat and take care of their employees. As you know, the CARES Act, allocated $349 billion for the Payment Protection Program, which will provide loans to businesses with up to 500 employees, nonprofits, independent contractors, and the self-employed.
Payment Protection Program borrowers are eligible for loan forgiveness for their loan if they maintain or rehire their employees and maintain salary levels. The total loan forgiveness will be calculated by the sum of payroll costs, mortgage, rent, and utility payments during the eight weeks after receiving the loan. All loan payments for the Paycheck Protection Program will be deferred for at least six months, will have no fees, and have a maximum four percent interest rate.

The Paycheck Protection Program will be administered through existing SBA 7(a) lenders. Applications will be available starting April 3. Please consult with your local bank or credit union to see if they will be providing these loans. If you would like to see a sample form to begin preparing your application, you can visit the SBA website.

You can also apply for an Economic Injury Disaster Loan (EIDL), which is an existing program that provides disaster loans to small businesses in affected areas at a 3.75 percent interest rate for small business and 2.75 percent rate for nonprofits. The CARES Act allocated an addition $10 billion for a new EIDL grant program. This program allows those who have applied for an EIDL can request an advance on that loan of up to $10,000, which the SBA must distribute within three days. The advance is available to anyone who applies for an EIDL, regardless of whether the application was declined or is still pending.

If you have specific questions regarding your application, you can contact your local SBA office or Small Business Development Council (SBDC):

San Diego SBA Office 
550 West C Street Suite 550
San Diego, CA
Phone: 619-557-7250 or 619-727-4883

​
Orange County/Inland Empire SBA District Office
5 Hutton Centre Dr Suite 900
Santa Ana, CA
Phone: 714-550-7420 / TDD 800-877-8339


North San Diego SBDC 
2075 Las Palmas Drive
Carlsbad, CA 92011
(760) 795-8740
[email protected]

Orange County SBDC
Digital Media Center
1300 S. Bristol. St., 2nd Floor
Santa Ana, CA 92704 


This link from the House Small Business Committee provides a comprehensive summary of all the small business provisions in the bill and some frequently asked questions. Please let me know if you have any questions and if there is any other way we can help.

Best,
Francine Busby
District Director U.S. Congressman Mike Levin (CA-49)
760-599-5000
2204 El Camino Real, suite 314
Oceanside, CA 92054

Comments are closed.
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Copyright © 2023 Oceanside Chamber of Commerce
928 N. Coast Highway | Oceanside, CA 92054
Tel 760-722-1534 
[email protected]
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  • Oceanside
    • About Oceanside >
      • History of Oceanside
      • Demographics
      • Arts and Culture
      • Education
      • Employment
      • Health Care
      • Religious Organizations
      • Local Government and Services
      • Retiring in Oceanside
      • Oceanside Maps
    • Visitor Information >
      • Beaches
      • Accommodations
      • Groups and Meeting
    • Things to Do >
      • Oceanside Events >
        • Downtown History Walks
        • Farmers Market
        • Sunset Market
      • Shopping >
        • Coupons
      • Dining
      • Surfing
      • Regional Attractions
    • Volunteer Opportunities
  • Business Directory
    • All Categories
    • Coupons
    • New Members
  • Media
    • Publications >
      • Advertising Your Business
      • Best of Oceanside Magazine
      • Military Publications
    • Member News
    • Blog
    • Advancing Oceanside Podcast
  • Chamber
    • Membership >
      • Member Portal
      • Application
      • Testimonials >
        • Digital Plaque - Oceanside Chamber Member
    • Advocacy >
      • Chamber Political Action Committee
      • Public Policy Guidelines
    • Our Work >
      • 2023 Annual Report
      • 2023 Strategic Priorities
      • Committees - Task Forces - Forums
    • Oceanside Young Professionals
    • Oceanside Leadership Academy
    • Workforce Development >
      • SOCAL Workforce
      • Pooled Employer Plan
      • Kindness
      • Frontline Friendly
    • Our Team >
      • Chamber Staff
    • Chamber Trip: Sights of Scotland
    • Privacy Policy
  • Events
    • Signature Chamber Events >
      • Meet the City of Oceanside
      • Armed Forces Day Operation Appreciation
      • Coastal Business Expo
      • North County Health Fair
      • Heroes of Oceanside and Camp Pendleton
      • Oceanside Senior Showcase
      • Rising Star Student Program
    • Monthly Chamber Events
    • Annual OCC Mixer Passs
    • Oceanside Community Events
  • Resources
    • Community Resources
    • Local Business Resources
    • Military Resources
    • Sustainability Resources