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For Small Businesses

As you know well by now, the novel coronavirus (COVID-19) is not only a critical public health concern, but is also having drastic impacts on our nation’s economy and the small businesses that help sustain it. As a former small business owner myself, I understand all too well the uncertainty and stress that small businesses are experiencing due to current circumstances. That is why I wanted to provide you with the below resources and information. 

Last week, President Trump signed the CARES Act (H.R. 748) into law, which provides $2 trillion to support our nation’s health care system, state and local governments, workers, and businesses that are dealing with the fallout of the COVID-19 pandemic. Among the many new programs and provisions that are established by this bill is the Small Business Administration (SBA) Paycheck Protection Program (PPP), which allows small business owners and qualified 501(c)(3) nonprofit organizations (having up to 500 employees or less) to access loans in the amount of 2.5 times average monthly payroll (up to $10 million). If a business or nonprofit uses the loan to cover only allowable activities during the 8-week period that is covered by the PPP - which includes payroll, rent, and utilities expenses - their loan will be forgiven with no repayment expected. 

If you are a small business owner/501(c)(3) nonprofit organization (borrower):
You can begin to fill out an application here. Small business owners can apply for a Paycheck Protection Program loan with their local, SBA-approved lender beginning on Friday, April 3, 2020. More information can be found here, and you can call your local SBA District Office for more information about approved lenders in your area. The SBA District Office for Kern and Tulare counties is the Fresno location (559-487-5791) and for Los Angeles County, it is the Los Angeles location (818-552-3201).  

If you are an independent contractor/self-employed individual (borrower):
You can begin to fill out an application here.  Independent contractors and self-employed individuals can apply for a Paycheck Protection Program loan with their local, SBA-approved lender beginning on Friday, April 10, 2020. More information can be found here, and you can call your local SBA District Office for more information about approved lenders in your area. The SBA District Office for Kern and Tulare counties is the Fresno location (559-487-5791) and for Los Angeles County, it is the Los Angeles location (818-552-3201). 
 
If you are a lender that has already been approved by the SBA:
You can find further information and guidelines here.

If you are a new lender that is interested in participating in the PPP:
Reach out to a lender relations specialist at your local SBA District Office to find out more about the lender application process. The SBA District Office for Kern and Tulare counties is the Fresno location (559-487-5791) and for Los Angeles County, it is the Los Angeles location (818-552-3201).  New lenders must submit their completed applications to DelegatedAuthority@sba.gov. You can find further information here.

I hope that this information is helpful to you as we navigate this pandemic together as a community. We are more resilient together, and I know that we will come out stronger on the other side of the COVID-19 pandemic.