Financial assistance overview for local businesses (SBA loans & advances)

The following resources are available throughout California for small businesses impacted by COVID-19:

1. Paycheck Protection Program

This forgivable loan helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

• This is a 100% guaranteed loan for employers who maintain payroll.
• The maximum loan amount is calculated on past year’s payroll up to $10 million.
• The loan is forgivable on allowable expenses which include payroll costs, mortgage interest, rent and utilities, but at least 75% has to be for payroll. Your payments will be deferred for 6 months.
• The program opened Friday April 3rd. Details can be found HERE.
• Reach out to your lender or find a small business center to help you HERE.

2. Work Sharing Program - Apply Online

• The WS program is a temporary alternative to layoffs if the business’s production or services have been reduced. Employers are encouraged to submit an online Work Sharing (WS) Unemployment Insurance Plan Application, DE 8686 application through EDD.  Submitting a WS application online is a faster and more convenient way to submit the DE 8686, as it eliminates printing and submitting a WS application by mail. However, employers will continue to have the option of submitting WS paper applications by mail if they choose not to submit it electronically. An employer must complete the application in one session as the progress cannot be saved.

3.  Norcal SBDC - navigate available resources

• The SBDC helps small business owners navigate available resources, applying for economic relief (lines of credit, loans, and grants), all at no cost. 
• Visit the SBDC website or call 833-275-7232

4. EIDL Loan Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

• The SBA’s COVID-19 Economic Injury Disaster Loan program is a direct loan by the SBA for up to $2 million at a rate of 3.75% for small businesses and 2.75% for nonprofits.
• Now, applicants can get an Advance on the Economic Injury Disaster Loan of up to $10,000 within 3 days of a successful application. Any advance money received does not have to be repaid.
• To apply directly online, go to the SBA Website HERE.
• US SBA 24hr Customer Service Center at: 1-800-659-2955 / 1-800-877-8339 (TTY), or you can contact the SBA by email HERE.

**PLEASE NOTE**

• If you submitted an EIDL application prior to March 30, unless you have already been approved or are currently working with a loan officer, you should re-apply using the new streamlined application portal – https://covid19relief.sba.gov/#/ – if you have not done so already. The new application is streamlined and faster.
• If you submitted an EIDL application on or after March 30 but you overlooked or forgot to apply for the $10,000 EIDL Advance, you should submit another application in full rather than attempt to retrieve and edit the old one.
• Additional programs are available through the SBA for Woodland businesses that have an existing relationship with an SBA Lender and/or an existing SBA 7(a) loan:

5. SBA Express Bridge Loans
These loans enable small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

• SBA Express Bridge Loans (EBL) are now available from participating lenders. The EBL program was officially re-launched on Wednesday 4/1/2020 via a Federal Register Notice – https://www.govinfo.gov/content/pkg/FR-2020-04-01/pdf/2020-06356.pdf.
• SBA’s web site contains new information about the program: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
• The Bridge Loan allows participating SBA Express lenders to extend up to $25,000 loans to their existing bank customers as a stop-gap solution to get funds in the hands of businesses while they await a decision on the EIDL and/or PPP applications. The loan is repaid later with proceeds from the EIDL or PPP loan.
• Ask your current business lender if they are participating. You cannot get an EBL from a lender you do not already have a business relationship with. EBL is a lender-driven program, and lenders have the discretion to use it or not.

6. SBA Debt Relief
For businesses that have existing SBA loans prior to COVID-19, the SBA is providing a financial reprieve to small businesses affected by the COVID-19 pandemic.

• If you are a current borrower under SBA 7(a), 504 loan program or a microloan, you are eligible for debt relief and SBA will cover all loan payments for 6 months. View all of SBA’s programs HERE.

For information on how to apply, for assistance on your application, and more: 

• Visit the SBA’s Small Business Guidance & Loan Resources page for an extensive list of loans, loan assistance & resources, and grants.
• Visit the Lender Match page to find and connect with a lender.
• Call SBA’s Customer Service Center at 800-659-2955 for live assistance on how to apply. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.
• Email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

Local lenders

SBA Active Lender list

• Several local lenders are offering low-interest loans in response to COVID-19. Refer to the SBA Active lender list to contact lenders offering services to the Greater Sacramento area.

Email About Loan Options

• Want to talk to an actual person about loan options? Email loans@asksbd.com to get connected with additional loan options and help with unanswered questions.

Yolo Federal Credit Union

• Yolo Federal Credit Union is offering $5k relief grants for small businesses operating in Yolo County impacted by the coronavirus. For more information please visit the Yolo Federal Credit Union website.

California IBank

• The California IBank offers low-interest and state-guaranteed business loans and microloans for small business borrowers who have been impacted by regional disasters and who need term loans or lines of credit for working capital. 

The California Capital Access Program (CalCAP)

• CalCAP is a loan loss reserve program which may provide up to 100% coverage on losses as a result of certain loan defaults.  Loans are available up to $5 million. If you own a small business and need a loan for start-up, expansion or working capital, you may be eligible for this program.