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.

COVID-19 Resource Guide-English
For Business, Nonprofits, Self-Employed and Employees

COVID-19 Resource Guide- Spanish
For Business, Nonprofits, Self-Employed and Employees

Reopening California

On May 8^th, 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.

EDC WEEKLY WEBINAR SERIES

EDC hosts webinars every week on resources and assistance now available for employers, self-employed individuals and employees under the CARES Act. Webinars are held in English and Spanish. Space is limited. Please register in advance.

Previous Business Webinars:

April 29, 2020: “Navigating Local, State and Federal Resources Available Through The CARES Act”

April 30, 2020: “SIMI VALLEY BUSINESS RESOURCES- Navigating Local, State and Federal Resources Available Through The CARES Act”

Previous Nonprofit Webinars:

April 7, 2020: “Navigating Local, State and Federal Resources Available Through The CARES Act”

Previous Webinars (Spanish):

May 1, 2020: “Recursos Para Pequeñas Empresas”

IMMEDIATE RECOMMENDED ACTIONS

As the spread and impact of COVID-19 is still an unknown, the EDC recommends employers and self-employed individuals to take the following action steps:

1. CONTACT YOUR INSURANCE PROVIDER- Do you have business interruption insurance? If so, you may have coverage that supplements any income or sales loss during this time. Note: In response to numerous complaints from businesses, public officials, and other stakeholders, on Tuesday, April 14th the California Insurance Commissioner required companies to comply with their contracts and California law by fairly investigating all business interruption claims caused by COVID-19 – just as they would for any disaster. If you have business disruption insurance we encourage you to connect with you provider and file a claim. For more information, please call 800.927.4357 or visit insurance.ca.gov.

2. CONNECT WITH YOUR LANDLORD- Are you currently renting? On March 27th, Governor Newsom issued Executive Order N-37-20 implementing a statewide eviction moratorium on evictions through May 31st. If you are currently renting and unable to pay rent due to financial hardship and the impact of COVID-19, we encourage you to inform your landlord by completing a Notice of Coronavirus-Related Inability to Pay Rent in order to preserve your rights as a tenant. For more information on Covid-19 moratorium related eviction guidelines in Ventura and Santa Barbara County please visit this website.

3. APPLY FOR UNEMPLOYMENT- If you have lost hours or wages due to the impact of COVID-19, we encourage you to file for unemployment benefits. The CARES Act increases the premium over the usual rates of unemployment insurance and extends the length of unemployment benefit terms. The Act provides an additional $600 increase over an applicant’s approved weekly benefit through July 31, 2020. Additionally, unemployment benefits have been extended for a period of 39 weeks. Apply here. NOTE: The CARES Act extended unemployment benefits to self employed individuals through the Pandemic Unemployment Assistance Program (PUA). For more information including benefit amounts, terms and to apply please visit EDD.

4. TRACK LOSSES- During moments of disruption it is important to track any loss your business may have incurred as programs designed to assist cash flow needs and access to capital depend on accurate counts of economic injury and production loss. We recommend clients consider cash flow needs for the next 8- 12 months.

5. REVIEW YOUR SUPPLY CHAIN. HAS YOUR BUSINESS EXPERIENCED DISRUPTION IN THE FOLLOWING AREAS? EDC SBDC BUSINESS ADVISORS CAN ASSIST WITH CLARIFYING CONTRACTUAL LIABILITY.

Supply chain disruption and liability
Questions or concerns about the implications of tariffs
Technology plans for setting up remote work stations for employees
Concerns about cash flow during disruption
Concerns about credit and finance issues
Concerns about force majeure

6. QUESTIONS ABOUT CODE COMPLIANCE?- If your business is located within Ventura County and you are unsure about code compliance and have reopening concerns, please call Covid Business Compliance (805)-202-1805 or email covidcompliance@ventura.org.

7. NO-COST BUSINESS CONSULTING IS AVAILABLE!
If your business has experienced economic injury or hardship due to the impact of COVID19 you do not have walk alone. EDC SBDC Advisors can assist during this time at no cost to you. Please call 805.409.9159 to schedule an appointment.

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.

EDC EIDL and PPP Overview-English

EDC EIDL and PPP Overview-Spanish

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:

Up to $2,000,000, up to 30 year terms, 2.75% for nonprofits, 3.75% for all other businesses, including independent contractors, self-employed.
No restrictions on types of non-profit firms eligible (though final guidance pending).
Waives personal guarantees and requirement for at least one year in business for applications for less than $200,000
Includes provision for an up to $10,000 grant for successful applicants.

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:

1. Eligible businesses: All small businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries

2. Maximum loan amount up to $10 million. For more information on how to calculate your maximum loan amount please visit this link.

3. Loan will be fully forgiven if proceeds are used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination

4. All loans under this program will have the following identical features:

- Interest rate of 1%
- Maturity of 2 years
- First payment deferred for six months
- 100% guarantee by SBA
- No collateral
- No personal guarantees
- No borrower or lender fees payable to SBA

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.

EDC COVID-19 Business Outreach and Economic impact