COVID-19: Updates & Resources

There’s been a lot of information coming in very quickly and of course the landscape is constantly changing with COVID-19. We’ve been monitoring local city, county and federal orders, as well as gathering resources to help our businesses and community. We hope these are helpful.
 
NOTE: INFORMATION CHANGES DAILY. WE’RE DOING OUR BEST TO STAY ON TOP OF THESE CHANGES. SOME RESOURCES OR UPDATES MAY HAVE CHANGED SINCE PUBLISHING. PLEASE USE COMMON SENSE AND OBSERVE ALL CURRENT ORDERS FROM PUBLIC HEALTH OFFICIALS.
 
(This page was updated on June 3, 2020)

Safer At Home Order – LA County 

The “Safer at Home” Health Officer Order (Order) was revised on May 29, 2020 and remains in effect. The Order has physical distancing requirements for individuals and businesses. The Order is aligned with the Governor of California’s Order, which requires Californians to stay at home unless performing essential activities.
 

 

Reopening Protocols & Guidelines

The following guidelines are provided by the California Department of Public Health for different business sectors and industries to help with reopening.  Statewide industry guidance can be accessed here.

LA County also has its reopening protocols.
Industry protocols are available at the County’s website.


   

The Chamber continues to gather information and resources to help businesses gain greater clarity in reopening protocols.

Please contact us with any questions.

 

EIDL/PPP Status

As the Paycheck Protection Program (PPP) and Small Business Administration’s Economic Injury Disaster Loan (EIDL) programs continue to process applications, some businesses have received funding while others are waiting. It is advisable to continue to speak with your bank or find a bank that is accepting new clients to assist you with the PPP process and continue to follow up with the SBA (or work with our partners at SBDC) for the status of your EIDL loan application.

SBA Coronavirus Relief Options

 

Other Funding Options

 

Save Small Business Fund – 90717-based businesses are eligible!

To extend a helping hand to small businesses suffering from the impacts of the coronavirus pandemic, the U.S. Chamber of Commerce Foundation – in partnership with Vistaprint and a coalition of supporting companies, foundations, and philanthropic donors – is working to provide financial relief through the Save Small Business Fund. This fund is a key pillar of the U.S. Chamber’s Save Small Business Initiative.

The Fund is providing $5,000 in short-term relief to employers across the United States. These one-time supplemental cash grants are for businesses that have between three and 20 employees and operate in an economically vulnerable community. The grant application will go live on Monday, April 20 at Noon PT you can sign up for an email reminder as well. To learn more about the Save Small Business Fund and to apply for a grant, visit savesmallbusiness.com.

 

Main Street Lending Program

The Federal Reserve will facilitate banks making loans to businesses fewer than 10,000 employees which can include small businesses. Smallest loan amount for Main Street loans is $1million made by normal banks. To encourage banks, the Federal reserve will buy 95% of loan from the bank. For those not eligible for PPP or need additional assistance beyond the PPP, you can also apply for the Main Street loan. You’ll want to talk to your bank about how you can take advantage of this.

  • No minimum company size requirement for eligibility for Main Street loans (sole proprietors, self-employed business owners, and companies with fewer than 500 employees may apply.)
  • Main Street loan sizes vary based on the lending facility.
  • Interest rates on Main Street loans are variable and right now range from 2.5 percent to 4 percent
  • Repayment term for Main Street loans is four years.
  • Main Street loans may not be forgiven.
  • Companies need to have at least $250,000 in earnings before interest, taxes, depreciation and amortization (EBITDA), and no debt. Companies with debt have higher EBITDA requirements.
  • Businesses that don’t meet the requirements of the Main Street program should stay apprised of the status of the PPP, which is expected to soon win congressional approval for new funding.


LA County Employer Assistance Grant Fund information

Grant Fund Total = $500,000 dollars
➢ Note: Approximately 25% of awards are reserved for social enterprises that demonstrate a need and ability to serve vulnerable populations.
➢ Grant Award Amount = Up to $10,000, based on demonstrated need.

The application portal will open Thursday, April 9th, at 8:00 am. 
Funds are limited, the first round of applications will be processed on a first-come-first-served basis and will close once 150 applications are received or at 8:00 am on Wednesday, April 15, whichever is first.

  • View details about program, documents and budget sheet required, and eligibility here   
     
  • Application Portal click here (opens 8 AM on Thursday, April 9th)

 

 

Coronavirus Small Business Loan Info

3 easy-to-understand guides to all federal programs and aid for small business coronavirus assistance:

See more coronavirus resources provided by US Chamber of Commerce

Starting April 3, small businesses and sole proprietorships can apply for loans. Starting April 10, independent contractors and self-employed individuals can apply for loans. There is a funding cap, so the Treasury Department recommends applying as soon as possible.

 

Paycheck Protection Program

U.S. Department of Treasury issued additional guidance yesterday regarding the Paycheck Protection Program. Links to the resources provided by Treasury can be found, or on their webpage.

 

Business Risk Planning – Small Business Development Center (SBDC)

Advisors are available at the Small Business Development Center at El Camino College to help businesses adapt to the current situation. We encourage businesses to schedule a virtual consultation with the SBDC by calling 1-866-588-SBDC. 

Their advisors can help you walk through important decisions you may need to make now related to cash flow, deferred payments and assistance for employees due to business interruption.

 

Local, State & Federal Resources

Click here for US Chamber of Commerce info, travel info and business readiness tool kits

Click here for CDC updates

Click here to for guidance related to COVID-19 as the situation evolves from LA County Public Health website.

What can you do today…

  • Overcommunicate with your customers and clients. Ask them what they need.
  • Know this is temporary. It’s constantly shifting. You won’t have all the answers and it’s okay to say I don’t know.
  • Prepare your business financially by walking through worst-case scenarios projecting out over the next 6 to 8 weeks or longer in order to know what you can do today from a cash flow perspective. Even if this does blow over sooner than later, it’s better to plan and take precautions.
  • Partner together with vendors to find ways to help defer expenses or offer support or trade services if cash flow is going to be a concern.
  • Think about how you can offer services virtually or via delivery (i.e., Zoom Zumba classes, virutal open box parties to showcase new merchandise for online sales, or curbside and food delivery services).
  • Rather than cancelling service, think about the small businesses that won’t be here after the pandemic is over if we don’t invest in them. If you’re in a financial position to continue to pay for services, please do.

We will get through this together. Your Chamber is here to help.

Please contact us via email hi@lomitachamber.org or call 424-378-7111.

Support local businesses safely!

Community Resources

 

 

This content is for information purposes only and information provided should not be considered legal, accounting or tax advice or a substitute for obtaining such advice specific to your business.

Founding Members of the Lomita Chamber of Commerce