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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.

 





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


March 22 – Historical Evening with the Author of The Choice

LIMITED SPACE AVAILABLE – ONLINE PRE RESERVATION ONLY

 

Dr. Egar chose to transform her painful past into a powerful gift, one she uses to help others heal.

Dr. Edith Eger is one of the few living Holocaust survivors to remember the horrors of the camps. At the age of sixteen, Edith Eger, a trained ballet dancer and gymnast, was sent to Auschwitz. Hours after her parents were killed, Nazi officer Dr. Josef Mengele forced Edie to dance for his amusement and her survival. Edie was pulled from a pile of corpses when the American troops liberated the camps in 1945.

Edith has chosen to forgive her captors and find joy in her every day life. Her story is an inspiration for everyone. Dr. Eger is an inspiring speaker, human dignity advocate & award winning author.She is a sought-after clinical psychologist and lecturer, helping individuals discard their limitations, discover their powers of self-renewal, and achieve things they previously thought unattainable.Her book – “The Choice” is a powerful, moving memoir, and a practical guide to healing which uses her past as a Holocaust survivor and thriver as powerful analogy to inspire people to reach their full potential and shape their  destinies.

She shares a message of healing and personal growth, a message of freedom from self-imposed limitations. A message of CHOICE to move from recovery to discovery and beyond.

If you would like to join Edith for an exclusive pre-show meet-and-greet with hors d’oeuvres and cocktails, please consider becoming an event patron. You will gain access to this private, exclusive reception at 5:30 p.m.and receive VIP front row seating for the event. Eva will sign books and meet with you.


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