COVID-19: Updates & Resources
Coronavirus Small Business Loan Info
3 easy-to-understand guides to all federal programs and aid for small business coronavirus assistance:
- 10 Commonly Asked Coronavirus Small Business Loan Questions
- How to Get a Coronavirus Emergency Paycheck Protection Loan
- A Step-by-Step Guide on How to Apply for an SBA Economic Injury Disaster Loan
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.
- Coronavirus Small Business Emergency Business Loan Guide & Checklist (Spanish version here)
- One-sheet guide to SBA’s Economic Injury Disaster Loans (EIDL)
- One-sheet guide to employee retention tax credit for COVID-19 impacted employers
- Apply for SBA EIDL here
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.
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)
- For further information, please visit: https://workforce.
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
- LA County Public Health Dept.
- Guidance for Food Facilities
- City of Lomita
- Lomita Coronavirus information and udpates.
- Lift Up Lomita
- Small Business Development Center at El Camino College
- Small Business Administration (SBA) Economic Injury Disaster Loan
- SBA Guidance for employers to plan and respond to COVID-19
- Centers for Disease Control (CDC)
- Guidance on Preparing Workplaces for COVID-19 (Dept of Labor, OSHA)
- Cal/OSHA Guidance on Requirements to Protect Workers from Coronavirus
- Employment Development Department (EDD) – Reduced Work Hours – Unemployment Insurance Work Sharing Program – alternative to layoffs. Employer Info and Information for Workers.
- EDD Tax Assistance – request a 60-day extension to file payroll and more. Call the EDD Taxpayer Assistance Center 1-888-745-3886 (toll-free).
- CA Infrastructure and Economic Development Bank (IBANK)
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 firstname.lastname@example.org or call 424-378-7111.
Support local businesses safely!
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.