The COVID-19 crisis is creating hard-hitting fiscal challenges that require quick, yet smart action. The U.S. Chamber of Commerce and the U.S. Small Business Administration are offering options. The U.S. Government has expanded the definition of “disaster” so that help can be accessed by those affected by COVID-19. The following information is from two very credible sources. Please read and take action now. We will continue to provide topical e-blasts every few days as the COVID-19 crisis continues to wreak havoc. Stay safe, stay informed and know that we are here to help!
What You Can Do
- Urge the Government to take action that assists small businesses. Read the letter here.
- Key Points
- First, enact legislation canceling the payment of all payroll taxes typically paid by employers for the months of March, April, and May.
- Second, enact legislation expanding and streamlining loan programs for small businesses with fewer than 500 employees experiencing revenue loss as a result of the Coronavirus.
- Third, enact legislation enabling the creation of credit facilities to provide loans and loan guarantees to employers with more than 500 employees experiencing significant revenue loss as a result of the Coronavirus.
- More information released by LA County can be viewed here.
updated Wednesday, March 25, 2020.
updated Tuesday, March 31st, 2020
Loan Information & How to Apply
- Visit SBA.GOV for all information on how to apply and programs that are being made available as a result of the COVID-19 Pandemic.
- Given the contagious nature of COVID-19, there will be NO field reps deployed into the business communities.
- Apply on-line for disaster assistance.
- On-line apps will receive a faster response and is necessary to receive email notifications, updates, and alerts regarding additional information needed.
- View 3-Step Application Process and Required Documents first
- Paper applications are available, but not recommended
- Loan amounts of up to $2M are available to small businesses for “normal” business obligations.
- 1st payment can be deferred for up to 12 months.
- Interest rates vary from 2.75% for non-profits and up to 3.75% for small biz.
- Interest begins to accrue with the first disbursement of funds.
- Loan Eligibility
- Must qualify as a “small business”. Visit SBA Size Standards to determine if you are a size fit.
- Churches and Synagogues do NOT qualify for “economic injury”.
- Repayment ability will be considered, but the SBA might be more flexible than other programs and realizes the COVID-19 has created unprecedented circumstances and that each case is unique.
Sites to Follow
(MBCC cheat sheet)
- CMB – City of Manhattan Beach Updates
- MBCC – Manhattan Beach Chamber of Commerce
- BCHD – Beach Cities Health District (local resources)
- MBUSD – Manhattan Beach Unified School District
- LA COUNTY – Press Releases and more
- LACDPH – LA County Department of Public Health
- SBACC – South Bay Association of Chambers of Commerce
- Regional Elected Officials
- U.S.Chamber Foundation – Disaster Aid Tracker and Access
- CDC- COVID-19 Cases in the U.S.
- USCC – U.S Chamber of Commerce
- USCC Foundation “Resilience in a Box” program
- SBA – U.S Small Business Administration (Sm. Biz Resource and Loan info)