Valued Friends & Clients,
I wanted to share some of the information that I’ve received regarding different programs available to help small business owners and the self-employed amid the COVID-19 pandemic.
The following information is for customers based in the United States only. If you are outside of the US, my best wishes are with you and your family, please let me know if I can be of any help to you, but unfortunately I do not know about programs outside of the US.
SBA Economic Injury Disaster Loan (EIDL)
This program is available for small businesses (less than 500 employees), sole proprietorships, solopreneurs, and independent contractors.
From what I have read, it will be capped at 4% interest, and part or all of it can be forgiven. There is a $10,000 emergency advance option available.
For more information or to apply, you can go to https://covid19relief.sba.gov/
SBA Paycheck Protection Program (PPP) Loan
This is a program that pays 2.5x your most recent payroll (if you file payroll), or 2.5x your wages / monthly expenses if you pay yourself directly.
If this loan is used 75% for payroll, it is forgiven. Otherwise it is payable over 2 years at 1% interest.
To date, the instructions were to contact your local business bank to file. I know that US Bank, Chase, and Wells Fargo all have their own processes for this loan, only open to existing customers at this time.
If you are based in San Diego, CA and are looking for a banker to help you further, please contact Yvette Amezola with City National Bank. Her phone number is 619-238-7469 and her e-mail is [email protected].
If you are outside of San Diego, please contact your local SBA lender. You can find a list at https://www.sba.gov/paycheckprotection/find
Are you fully or partially unemployed as a result of the Coronavirus? Even if you are an independent contractor or self-employed, you can apply for unemployment with your state.
In California you are eligible for your normal benefit plus $600 per week. I’m not sure of the specifics in other states, but please check with your state for more information.
In California you can file a new claim at https://www.edd.ca.gov/unemployment/Filing_a_Claim.htm
Local City Programs
If you reside in the Cities of San Diego or Chula Vista in California, there are city specific grants and loans available. The only requirement is that you have a tax certificate (San Diego) or business license (Chula Vista). The mayors posted more information about the programs on the respective city websites:
Chula Vista – https://www.chulavistaca.gov/businesses
Wishing you love, light, and quality time with your families until we can return to normal.
Michael R Brant
MRB Media, Inc