Small Business Financial Resources

 

Save Small Business Fund

The Fund is providing $5,000 in short-term relief to employers across the United States, including chambers of commerce. These one-time supplemental cash grants are for businesses that have between three and 20 employees and operate in an economically vulnerable community.

To learn more & apply, visit savesmallbusiness.com.

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Coronavirus Emergency Loans Small Business Guide & Checklist

This checklist serves as a comprehensive step-by-step tool to help small businesses and other qualifying individuals prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. To access the checklist, CLICK HERE.

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Paycheck Protection Program (PPP) Overview

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply -

This program is for any small business with less than 500 employees affected by coronavirus/COVID-19.

For more information, on businesses that qualify visit, CLICK HERE

A top-line overview of the program can be found HERE.

If you're a lender, more information can be found HERE.

If you're a borrower, more information can be found HERE.

The application for borrowers can be found HERE.

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Small Business Association (SBA) Economic Injury Disaster Loans (EIDL) and Emergency Economic Injury Grants

The CARES Act expanded the SBA's long-standing Economic Injury Disaster Loan Program. The program is applicable to small businesses and small nonprofits (less than 500 employees), sole proprietors and independent contractors. CLICK HERE to view the U.S. Chamber's new guide that helps you understand loan parameters and find out how to access $10,000 emergency grants.

The SBA is offering low-interest federal disaster loans to small businesses suffering substantial economic injury as the result of COVID-19. The EIDL program provides working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These working capital loans may be used to pay -

• fixed debts,
• payroll,
• accounts payable
• and other bills that can’t be paid because of the disaster’s impact.

The CARES Act made a modification to this existing program that includes providing a grant (emergency advance) of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an EIDL that doesn’t need to be repaid. This program is offered by the SBA, not a local lender.

To get the emergency grant,

• Apply for the EIDL loan, at https://covid19relief.sba.gov/#/
• Be sure to check the box on page 2 of 2 on the Additional Information Page, to be considered for an advance (emergency grant) of $10,000
• You can receive up to $10,000 even if you are not approved by the SBA for a loan

You can apply for this loan by clicking here: https://covid19relief.sba.gov/#/

You can check the status of your EIDL application by calling (800) 659-2955 or email disastercustomerservice@sba.gov and include your application number in the subject line.

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Want to learn more about PPP & EIDL Loans?  Join the SBA for one of their weekly informational webinars.  All information presented will be the same:

EIDL & PPP Overview (English)

May 11th - May 15th

Monday - Friday at 10:30 a.m.

Join URL: https://score.zoom.us/j/91911365711

Or by Phone: +1 346 248 7799 US (Houston)
Meeting ID: 919 1136 5711

EIDL & PPP Overview (Spanish)

Tuesday, May 12th

11:00am

https://meet.lync.com/sba123/amgonzal2/SV6YKB59
Join by phone: +1 (210) 469-4148
Conference ID: 513836639

Thursday, May 14th 

11 am

https://meet.lync.com/sba123/amgonzal2/L0J9S9TL

Join by phone: +1 (210) 469-4148

Conference ID: 625058189

PPP Forgiveness Webinars

May 11th - 15th, daily at 9am & 1pm (click the day for the login information)

9 am

Tuesday

Wednesday

Thursday

Friday

1 pm

Tuesday

Wednesday

Thursday

Friday

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Families First Coronavirus Response Act

CLICK HERE to view the U.S. Chamber's Coronavirus Paid Leave Programs Employer Guide.
What is it? 
Signed into law on March 18, the Families First Coronavirus Response Act (FFCRA or Act) contains eight divisions designed to provide assistance to covered employees and households with eligible children affected by COVID-19. Key components of the Act include: 
 - Mandatory emergency paid sick leave for covered employees who, as a result of COVID-19, are quarantined, symptomatic or caring for a symptomatic individual, or caring for a child whose school has been closed.
 - An expansion of unemployment benefits.
 - Modifications to the USDA nutrition and food assistance programs.
 - New requirements for coronavirus diagnostic testing.
 - A temporary increase in the Medicaid federal medical assistance percentage (FMAP).
What does it mean for small business?
The FFCRA affects small businesses in two key ways:
 - Paid sick and family leave. The law requires all private businesses with fewer than 500 employees to provide emergency paid sick or family leave for employees affected by the coronavirus outbreak.
 - Employer tax credits. The law provides employers with fewer than 500 employees with refundable payroll tax credits to cover the cost of providing the paid sick leave and the paid FMLA leave to their employees. Specifically, the law states that:
  - Employers will receive 100% tax credit against their payroll tax liability up to the capped amount of benefits they must pay.
- Health insurance costs are also included in the credit.
- Self-employed individuals receive an equivalent credit.
- If an employer is owed more than the capped amount and a refund is owed, the IRS will send the refund as quickly as possible.
​ - Reimbursement will be quick and easy to obtain.
Where can I learn more?
 - The full text of the Act can be found at Congress.gov.
 - For additional information regarding the mandatory emergency paid sick leave, see this detailed guide provided by the U.S. Department of Labor.
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Pasadena Business Loss Survey
In partnership with the City of Pasadena, we are asking all businesses in Pasadena to submit the following short survey regarding business loss or interruption in order to ensure Pasadena businesses are supported with federal disaster assistance to mitigate the economic and financial impacts of COVID-19. Please take 5 minutes to answer these questions so we can better serve our business community. CLICK HERE for the survey.
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Nonprofit Resources
The U.S. Chamber Foundation hosted a briefing on how 501c3 nonprofit organizations can benefit from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CLICK HERE to watch the recorded video from 3/30/20