Dear Woodland Business Community,

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

Resources are available throughout California for small businesses impacted by COVID-19. Two vital programs, the Paycheck Protection Program and the Economic Injury Disaster Loan are available now.

Please note that the SBA is hosting numerous WEBINARS to help you navigate the resources outlined within the section below. REGISTER HERE.
 
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.

• 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.

• 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.
• Relationship between PPP & EIDL: Please access the bottom last three questions of the City's FAQ page for more info.
• 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.

• 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. 

• 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.

• COVID-19 updates from the Franchise Tax Board.
• Visit the California Department of Tax and Fee Administration website to apply for special assistance, including filing and payment extensions, and/or relief from interest and penalties.
• Employers experiencing a hardship may request up to a 60-day extension from the Employment Development Department to file their state payroll reports and/or deposit state payroll taxes without penalty or interest.

YoloWorks opens hotline for job seekers and current employees affected by COVID-19 

• Yolo County COVID-19 support hotline: As of 1 April, YoloWorks has opened up a phone hotline (English & Spanish) at 530.661.2641 (open Mon-Fri from 8-4pm) to assist Yolo County job seekers / employees with questions on unemployment benefits and navigating the available resources in response to COVID-19. Please share this resource with any job seekers and current employees affected by COVID-19.
• Hiring support: Are you hiring? YoloWorks has dedicated resources towards disseminating jobs on their hiring portals and helping our job seekers connect with employers. Their recent post for job openings have been shared with over 12k people this past week. If you are hiring, please contact Erica Johnson, HHSA Program Coordinator from Yolo County Health and Human Services Agency:  Erica.Johnson@yolocounty.org. Please spread the word to any job seekers within your circle to the following job matching websites: YoloWorks Career Center | YoloWorks Yolo County Job Seekers Portal | OnwardCa California COVID-19 Response Job Portal