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. To speak to a bilingual advisor about resources available for businesses impacted by COVID-19 please click the button below titled Speak to a Bilingual Business Advisor.

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

Speak to a Bilingual Business Advisor

Join us for the next webinar on local, state and federal resources available for employers, self-employed individuals and employees.

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.

2. 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.

3. 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 or production loss.

4. REVIEW YOUR SUPPLY CHAIN. HAS YOUR BUSINESS EXPERIENCED DISRUPTION IN THE FOLLOWING AREAS?

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

5. NO-COST BUSINESS CONSULTING IS AVAILABLE!
For businesses that have experienced the following concerns or disruptions our EDC SBDC Advisors can assist during this time. Please call our Business Resource Hotline at 805.409.9159 to connect with an advisor.

BUSINESS AND PERSONAL FINANCING

SBA ECONOMIC INJURY DISASTER LOANS (EIDL)

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 $2,00,000, 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-front payment of a $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)

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.

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

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 0.5%
- 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 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. Call 805.409.9159 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.

JEWISH FREE LOAN ASSOCIATION- Applicants must be a resident of Ventura or Los Angeles County

The Jewish Free Loan Association is offering no interest quick response loans to those who have been impacted by COVID-19. Loans can be applied for business economic injury, childcare costs and much more. Visit their website for more information.

DISASTER PREPAREDNESS

DISASTER PREPAREDNESS & RESILIENCY TOOLKIT

The best time to prepare for business disruption or disaster is NOW. To simplify your disaster preparedness efforts, EDC has created a Disaster Preparedness & Resiliency Toolkit for Business. Use this toolkit to assess your business’s level of preparedness.

EDC SBDC Disaster Preparedness Toolkit

DISASTER PREPAREDNESS CONSULTING

Need more assistance? EDC SBDC offers free, confidential consultations on business preparedness, operations, staff management, debt reduction and more. To speak to an EDC SBDC Advisor, please call 805.409.9159 to schedule an appointment.