COVID-19 Emergency Relief Funds
Be Smart – Be Safe
Dear CSA Members,
California Sign Association member businesses are a diverse group. Though all are related somehow to the Sign Industry, each is unique and therefore will have different needs that come with the COVID-19 Pandemic.
HERE’S HOW TO APPLY FOR COVID-19 EMERGENCY RELIEF FUNDS
Three programs applicable to employers with less than 500 employees:
- The Paycheck Protection Program. Per the SBA —
“This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.” The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. SBA Lenders may begin processing applications starting April 3. The Paycheck Protection Program will be available through June 30, 2020. Click Here for the details.
Here is the application link and checklist.
- Economic Injury Disaster Loans and Loan Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and per SBA this loan advance will not have to be repaid. Click here for application and here for more info.
- The Small Bridge Loan Program
In addition, the Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Source: https://www.sba.gov/funding-programs/disaster-assistance
Teresa M. Young has been a consultant to entrepreneurs since 1986, in both retail and B2B sectors. In 1991, she became President of Sign Biz, Inc., a full-service business development company. Young sits on multiple boards, including as Past Chairwoman of both the International Sign Association (ISA) and California Sign Association. She is an accomplished code writer, web developer and contributor to the Git Repository. Young is also an in-demand speaker, engaging business owners with topical and powerful business insights and strategies in support of best business practices and modern marketing strategies under her MintyWorks and Coffee with T brands. 200 click-and-mortar enterprises were established under the Sign Biz business model with more than $19,000,000 worth of SBA-backed funding for these businesses.