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Small Businesses, Nonprofits Eligible For New Coronavirus ‘Paycheck Protection Program’

Small Businesses, Nonprofits Eligible For New
Coronavirus ‘Paycheck Protection Program’

Loans are forgivable if payroll is maintained, other conditions met.

Washington—Senator Dianne Feinstein (D-Calif.) released the following statement on the Small Business Administration’s Paycheck Protection Program that is part of the coronavirus response legislation signed into law last week:

“Small businesses are the engine that drives our economy. Key to helping small businesses and nonprofits stay afloat during this pandemic will be the SBA’s Paycheck Protection Program that Congress created in the $2 trillion coronavirus economic relief bill signed into law last week.

“This new $350 billion program will provide up to $10 million in cash flow assistance through federally guaranteed loans to employers who keep their employees on payroll during this emergency. The loans can be forgiven if certain conditions are met, including maintaining payroll levels.

“Small businesses employ nearly 50 percent of our nation’s workforce. I encourage every employer struggling right now to take advantage of all of the resources made available to them under the coronavirus relief bill.”

Paycheck Protection Program (from the SBA website):

Program overview

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.

The Paycheck Protection Program will be available through June 30, 2020.

Who can apply

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.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

How to apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

The application form is available on the Treasury Department’s website. Lenders may begin processing loan applications as soon as April 3, 2020.

Loan details and forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 0.5%.

If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you.

Other assistance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for disaster assistance.

Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.

For information on additional Lending options, please click here.

SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here.

 




Delivery, Takeout and More in Toluca Lake

During these days of Sheltering-In-Place, these Toluca Lake Businesses are open to serve you. Your local merchants appreciate your support through these strange and unchartered times. Please know that those who are open are doing everything we can to create an environment that is safe for all Tolucans.
Pickup • Takeout

Priscilla’s Gourmet Coffee, Tea & Gifts

4150 Riverside Drive     818-843-5707
www.PriscillasCoffee.com

Online and Telephone Orders for pickup.

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Delivery • Curbside Pickup • Takeout

Olive & Thyme

3821 Riverside Drive    818-557-1560
www.OliveAndThyme.com      info@OliveAndThyme.com

Gourmet Cafe and Marketplace. Online and telephone orders, breakfast, lunch and full service dinner.

Curbside Pickup

Santuari Restaurant

6711 Forest Lawn Drive     323-902-9700
www.SantuariRestaurant.com

Online and Telephone Orders for curbside pickup.

Delivery • Curbside Pickup • Takeout

Sharky’s Woodfired Mexican Grill

10119 Riverside Drive     818-508-1900
www.Sharkys.com

Online and Telephone Orders for curbside pickup.

Curbside Pickup

Verse Restaurant

4200 Lankershim Blvd.     818-747-2135
www.Verse.LA

Online Ordering

Delivery • Curbside Pickup

Lemonade Catering

4400 W. Riverside Drive     818-841-3900

30% off using this code: SAVERESTAURANTS
Online ordering on: lemonadela.com, postmates.com, grubhub.com, seamless.com, doordash.com

Delivery • Takeout

Spin The Bottle Wine Studio

10139 1/2 Riverside Drive     818-509-7813
www.SpinTheBottleWines.com

A boutique retail wine shop/wine bar focusing on small production artisanal wines.


Online Lessons

Rainbow Warrior Martial Arts

www.RainbowWarriorMartialArts.com     818-269-4548
awj7625@yahoo.com

Free Consultation and 50% savings on Private Lessons. Online lessons available.

Online Sessions

The Strength Code

www.TheStrengthCode.com     818-736-5233
Sheila@TheStrengthCode.com

One-on-one personal trainer online.


Promoting Pickup & Delivery

Carey Connections

www.CareyConnections.com    415-562-4190
Carey@CareyConnections.com

Assitance in setting up online ordering and promote takeout and delivery through Yelp, Facebook & Instagram. If you need need assistance promoting pickup & delivery. Online marketing assistance to help attract your ideal clients. We do this by creating a simple, done-for-you marketing strategy including website design, social media and/or online advertising campaigns.

 

Also, check with these other businesses in the
Toluca Lake Chamber of Commerce

Members Business Directory



Shop Toluca Lake

Dear Tolucans,

Your local merchants appreciate your support through these strange and unchartered times. Small businesses EVERYWHERE have had to either close temporarily due to the services they provide or play this day by day adjusting hours and services provided. Please know that those of us who are open are doing everything we can to create an environment that is safe for all Tolucans.

Our lovely customers have been asking “what can we do to help our favorite small business?”

Here are a few tips:

  • Merchant’s outgoing voicemail messages, websites or signs on shop windows will inform you of their current plans.
  • Visit your Chamber of Commerce websites for merchant phone or email information. Some of your favorite merchants can be found at:
  • Purchase gift cards online today for local merchants and use them when this is over. Hold your existing gift cards for later use.
  • Order take out or delivery from your local restaurants. This might be safer than waiting in line for an hour at Costco! PLUS food distributors have PLENTY of food and NEED to supply those that are capable of take out or delivery.
  • Be kind. Be patient. No need to OVER buy at Trader Joe’s or Pavillions etc., as they will be allowed to stay open.
  • Please thank those that are able to stay open especially in Grocery Markets and Doctor’s offices. We appreciate you!

Coronavirus/Covid-19

The Toluca Lake Chamber of Commerce is carefully monitoring the Coronavirus/Covid 19 concerns in the Los Angeles area and we want to provide you with important information that can help you during this challenging time.

First, please know that the health and safety of our community is our number one priority, and we are following the recommendations of the CDC and US Government’s reports on the outbreak.

Currently, people in Los Angeles are encouraged to go about their daily lives and there is no need for panic or extreme measures. However, this can change quickly so people must stay informed and aware of new developments.

While many local governments are discouraging large gatherings, the CDC has said that small groups are permissible, such as going to a restaurant or shopping in the community. However, people who are at a higher risk, such as the elderly and those with preexisting health concerns, should be extra cautious.

We recommend that your company communicate with your customers about the steps you are taking to ensure their safety. If you have an email list for your regular customers, it’s prudent to send them a letter and inform them about what you and your staff are doing to make the customers safe and comfortable. You may also want to post the letter in your store or restaurant so everyone can read it.

Here are some additional suggestions:

For the safety of the community, people who recently traveled to locations where the virus has spread (such as China, Iran, Italy, Japan and South Korea) or who have come in contact with a person known to have contracted the virus should consult appropriate medical professionals and refrain from public contact for at least 2 weeks after returning to Los Angeles.

We recommend that you provide sanitizer pumps at your restaurant or store so that your customers will see it and use it. Also, you should focus on your cleaning procedures to ensure the safety and protection of your customers and staff.

In addition, we encourage business operators to regularly sanitize doorknobs and handles, water faucet handles, basically anything that people touch.

We also encourage people to regularly wash your hands, avoid touching your face, use the fist bump instead of handshakes, and use sanitizer on items that are frequently touched.

Please feel free to contact us if you have any questions and thank you again for your support of the Toluca Lake Chamber of Commerce.

Adam James

President


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