Immediate support available to small businesses impacted by COVID-19
AUBURN, Calif. – Placer County is committed to helping its small business community through the unprecedented and trying effects of the COVID-19 virus.
Placer County is a partner of the Northern California Small Business Development Center and the Sierra Small Business Development Center, who are prepared immediately to provide support and resources to Placer’s business community.
Businesses are strongly encouraged to sign up for SBDC’s free services on their website, or call the Sierra SBDC directly at 530-582-5022 to be connected to a professional business advisor.
SBDC business advisors are available to meet remotely to provide expert advice on adjusting cash flow, marketing plans and applying for emergency loans to keep businesses up and running.
SBDC’s website is continuously updated with new resources and information. They will also share valuable resources from their partners and the larger NorCal SBDC region. Live and recorded webinar series on now-available direct assistance for businesses is also available at SBDC’s website.
Federal Disaster Loans
Additionally, the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury as a result of the coronavirus. Eligibility for economic injury disaster loans is based on the financial impact of the coronavirus.
The current interest rate on SBA loans is 3.75% for small businesses. The interest rate for private nonprofit organizations is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. These loans are available to entities without the financial ability to offset the adverse impacts of COVID-19 without hardship.
SBDC business advisors can help with SBA loan applications or business owners can access the loan application online portal directly at https://disasterloan.sba.gov/ela/.
Layoffs and alternatives
And finally, following a new proclamation by California Governor Gavin Newsom, for those employers who are faced with the difficult decision of laying off employees, the usual waiting time under Employment Development Department regulations has been waived. More info is here.
The EDD would like California employers to know there are alternatives to employee layoffs, as well. More info is available here