Financial Resources
Ready2Open: Financial Reimbursement up to $50,000
Merced County businesses may apply for up to $50,000 reimbursement for COVID-19 related expenses.
For information and application: visit www.reopenmercedcounty.com
Small Business Assistance Grants up to $5,000
The City of Los Banos is offering grants up to $5,000 to qualifying small businesses for qualifying expenses incurred between March 19, 2020 and the date of the application.
For information and application
visit losbanos.org/coronavirus
NEW (6/2/20)
Reopen Merced County Fund
If you’re a Merced County small business owner who needs help with basic expenses to reopen your business, or to help keep your business going, Worknet Merced County is able to help.
The Reopen Merced County Fund is open for applications. With this funding, businesses in the county can be eligible for up to $2,000 to pay for items to help clean and sanitize facilities, technology to help convert to new ways of doing business, or other ideas that keep your doors open and keep your employees working for you.
Apply online now and see more details at ReopenMercedCounty.com/RMCFund
U.S. SMALL BUSINESS ADMINISTRATION
Guidance and Loans
https://www.sba.gov/disaster-assistance/coronavirus-covid-19
1-800-659-2955
PPP LOANS
Notice from SBA: "The last day for approved applications to be submitted to the SBA under the Paycheck Protection Program will be June 30th, 2020. If you are working with borrowers still thinking about putting in their applications to the PPP program, please ensure that their approvals are submitted prior to the close of the program. No new approvals will be accepted following June 30th, 2020."
SBA PAYCHECK PROTECTION PROGRAM (PPP) was passed in the Stimulus Bill, with loans for businesses employing under 500 that continue to operate during the crisis. Please call your local banker, tax advisor or Small Business Development Center: 209-228-3506.
Direct link to SBA for further information:
Program details:
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Top-line overview (PDF)
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For lenders (PDF)
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For borrowers (PDF)
If you have a PPP Loan:
LOAN FORGIVENESS APPLICATION. The SBA released its PPP Loan Forgiveness Application along with instructions about how to fill out the form for those businesses who have received a PPP loan. This is important to read and understand.
Application information: https://bit.ly/3cGho7h
Application form: https://bit.ly/3cC7t2m
If you need a PPP Loan:
FUNDS AVAILABLE: PPP funds are still available and the SBA is still accepting applications! Check with your local bank or other lenders.
More info:
PPP FAQ. The U.S. Treasury published FAQs on the PPP. FAQ #46 addresses how the SBA will review borrowers’ required good-faith certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The full FAQ can be found here: https://bit.ly/2ZeHiLs
NON-ENGLISH SPEAKING. PPP materials are now available in Spanish, Mandarin, Cantonese, and 14 other non-English Languages: https://bit.ly/3cL4pkA
Additional PPP lenders:
For businesses trying to find a last-minute PPP lender, SBA approved the following fintech lenders: Intuit, PayPal, Square, Kabbage,
On Deck, Funding Circle. Others may be approved soon. A complete list of PPP eligible lenders is available here:
www.sba.gov/paycheckprotection/find
EIDL LOANS
DISASTER LOANS are available to small businesses and nonprofits that have been impacted by COVID-19, with working capital loans of up to $2M. Live agents are available by phone: 1-800-659-2955.
PANDEMIC UNEMPLOYMENT ASSISTANCE
https://edd.ca.gov/about_edd/coronavirus-2019/pandemic-unemployment-assistance.htm
Applications open April 28, 2020, for business owners, self-employed, independent contractors, etc.
GO-Biz
Governor's Office of Business and Economic Development
https://business.ca.gov/coronavirus-2019/
Information and support to employers and employees who are susceptible to the virus’s disruption.
CALIFORNIA TREASURER
Small Business Resource List (JPG): https://www.treasurer.ca.gov/images/content/covid-19.jpg
Treasurer Fiona Ma put out a helpful guide with links for small business to find COVID-19 assistance.
CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK (IBANK)
https://www.ibank.ca.gov/small-business-finance-center/
Disaster Relief Loan Guarantee Program (DRLGP), Jump Start Loan Program, $500 to $10,000 and 90% guarantee on a bank loan.
CENTRAL CALIFORNIA SBDC REGIONAL
Kurt Clark: 209-228-3506, kclark5@usmerced.edu
Business assistance for companies at risk of closing or impacted by the COVID-19 outbreak, including assistance for SBA Economic Injury Disaster Loan (EIDL).
VALLEY SBDC
Small Business Development Corporation
559-438-9680
Loan guarantees and direct loans.
CALIFORNIA SBDC
https://www.californiasbdc.org/covid19
COVID-19 small business survival guide.
FINANCIAL REGULATORY AGENCIES
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200322a.htm
The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications.
SAVE SMALL BUSINESS FUND
U.S. Chamber Foundation
$5,000 grants to employers in economically disadvantaged areas (Merced qualifies). Applications open April 20, 2020.
FACEBOOK BUSINESS PROGRAM
https://www.facebook.com/business/boost/grants
$100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries.
OPEN FOR BUSINESS HUB
Tech companies that are helping small businesses remote work during the outbreak.