COVID-19 Business Resources
Our thoughts are with all who have been impacted by the recent outbreak of COVID-19. As business owners and leaders it is important to remain informed and prepared as this outbreak continues to impact our local and global communities. While recognizing social distancing is essential and important during this time, we do not want to overlook the importance of investing in our local economy.
A State of Emergency has been declared by Governor Gavin Newsom and President Trump due to the impacts of COVID-19. The federal, state and local government are in the process of working within its emergency response networks to bring relief to individuals and businesses that have been directly affected. The Economic Development Collaborative has compiled a list of resources now available for employers, self-employed individuals and employees who have been impacted by COVID-19. As new resources become available, this guide will be updated as needed.
Reopening California
On May 8th, the Governor’s office began phase 2 of the reopening strategy for the State of California. Second of four phases to reopen California’s economy, this phase focuses on key industries that can open safely by providing clean and safe environments for employees and customers. For a full list of reopening phases, industry guidance and safety protocols please visit the following Phase 2 of the California Official Roadmap.
VENTURA COUNTY REOPENS- BUSINESS COMPLIANCE
The County of Ventura has reached an important turning point in reopening the economy. Moving into Phase 2 of California’s reopening plan, the following businesses are allowed to reopen if they meet county and state health and safety compliance protocols: Bookstores; Jewelry stores; Toy stores; Clothing stores; Shoe stores; Home and furnishing stores; Sporting goods stores; Antique stores; Music stores; Florists and Supply chains supporting the above businesses, in manufacturing and logistical sectors. For more information regarding state and county state requirements health and safety protocols please visit VC Reopens.
Note: this will be phased-in, starting first with curbside pickup and delivery only until further notice.
The County of Ventura has required each business identified in Phase 2 of the California Official Roadmap (identified above)that would like to reopen at this time to complete a Business Attestation form that confirms they have met compliance measures as identified by the County and State.
RETAIL RESOURCES: EDC encourages all businesses to review the guidance that is relevant to your workplace, prepare a plan based on the guidance for your industry, and put it into action. For guidance on reopening retail stores please visit link. For a checklist that clarifies steps to reopen visit here.
SUPPLY CHAIN AND MANUFACTURING RESOURCES: EDC encourages all businesses to review the guidance that is relevant to your workplace, prepare a plan based on the guidance for your industry, and put it into action. For guidance on reopening supply chain and manufacturing sectors please visit link. For a checklist that clarifies steps to reopen visit here.
IMMEDIATE RECOMMENDED ACTIONS
BUSINESS FINANCING
For a side by side comparison of the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) click below to learn more.
NOTE: In anticipation of a second round of funding approved by the federal government for business assistance, EDC encourages all business owners seeking additional capital to follow the recommendations in the EDC Federal Funding Preparation Guide (English) / EDC Federal Funding Preparation Guide (Spanish). Please review for immediate next steps to take and recommended action.
SBA ECONOMIC INJURY DISASTER LOANS (EIDL)
Note: With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis. We will provide further information on the availability of the EIDL portal to receive new applications as soon as possible. Note: as of May 4, 2020, the SBA has opened the application portal for Agricultural Businesses only.
The U.S. Small Business Administration offers low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Under the CARES act, the existing loan has been expanded. Key features include:
Applicants may apply online. Applicants may also call (800) 659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
PAYCHECK PROTECTION PROGRAM (PPP)
Note: The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 7:30 AM.
This SBA loan program may be accessed through any bank that currently issues SBA 7a guarantee loans. Check with your local bank to see if they are an approved lender. The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020. NOTE: For more information please visit the SBA website. For frequently asked questions please visit the U.S. Department of Treasury.
KEY FEATURES OF PPP:
EDC DISASTER LOAN FUND
In addition to our traditional EDC loan funds, EDC is offering 4.25% interest loans from $5,000- $50,000 and a 48 month term through our Disaster Loan Fund to give a cash flow boost to businesses impacted by reduced sales, supply chain disruption or other challenges related to COVID-19. Email loans@edcollaborative.com for more information.
WOMEN’S ECONOMIC VENTURES (WEV) QUICK RESPONSE LOAN
WEV’S Quick Response Loan is designed to provide financial support to businesses experiencing economic hardship. Loans of up to $10,000, with a 4.5% fixed interest rate and 36 month repayment term are available to eligible businesses. Visit WEV’s website for more information.
