The federal Small Business Administration (SBA) is offering several coronavirus relief options to help alleviate the financial hardships resulting from the coronavirus (COVID-19). The programs have received an overwhelming number of applications from businesses, so be sure to check the SBA website for the latest updates on the status of these programs.
- The Paycheck Protection Program (PPP) provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. After initial funding was quickly depleted, the program received an infusion of an additional $310 billion, allowing the SBA to resume the program on April 27, 2020. Be sure to check the SBA website for the most recent information on the application process and availability of funds.
- The Economic Injury Disaster Loan (EIDL) Emergency Advance provides up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- SBA Express Bridge Loans can be used to bridge the gap for businesses while applying for a direct SBA Economic Injury Disaster Loan; small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief provides a financial reprieve to small businesses during the COVID-19 pandemic.
Use of Community Development Block Grant (CDBG) Funds for Infectious Disease Response
Community Development Block Grant (CDBG) funds may be used for a range of eligible activities that prevent and respond to the spread of infectious diseases such as COVID-19. Check out the Quick Guide to CDBG Eligible Activities to Support Infectious Disease Response for guidance and additional information.
Economic Development Resources for Communities and Businesses Impacted by the Coronavirus
The California Association for Local Economic Development (CALED) has assembled resources for communities and business impacted by the coronavirus (COVID-19). The page will be continually evolving as new resources become available. To go directly to the CALED resources, click here.
Coronavirus (COVID-19) County Resource Page Available
The California State Association of Counties (CSAC), RCRC’s local government partner, continues to provide excellent up-to-date state and federal information to counties on this ever-changing pandemic event. We encourage visiting CSAC’s COVID-19 resource page, which contains vital links to all CSAC COVID-19 advocacy letters and resources. CSAC’s staff continues to work around the clock to update activities so that all of California’s counties can remain properly informed.