
U.S. SBA Update
There are tweaks daily because the program is constantly evolving
Three main tools from SBA
- SBA Debt Relief (traditional loan products, 7a, 504) – interest and principal will automatically be paid by SBA for 6 months
- Paycheck Protection Program (PPP)
- Administered by banks, credit unions and some fintech providers
- Up to $10 million
- Start with your existing banks first
- There is a tool on SBA to search for lenders. However, some banks are overwhelmed and may not accept every application
- Visit Treasury.gov daily to see latest information (currently doing better job updating website than SBA)
- SBA funds are rapidly reaching the limit; Congress may commit to more
- CA and Texas are receiving lion’s share of the money
- Economic Injury Disaster Loan (EIDL)
- Up to $2 million
- SBA is the direct lender
- EIDL Advance – Up to $10,000 ($1,000 per employee, up to $10,000). We do know money has gone out this week
- After receiving the advance, you will get contacted by a loan officer and will discuss with them eligibility and dollar amount
- For any questions related to EIDL, Disaster Assistance Center: 1 (800) 659-2955 or email disastercustomerservice@sba.gov
- General Inquiries: sfomail@sba.gov (email is being answered by multiple staff daily, you’ll get a faster response)
- For in depth PPP questions: marlow.schindler@sba.gov
- Banks have differing definitions of “customer”
- Unfortunately, there’s still a lot of gray area
- 501c4’s – not eligible; 501c6’s – in a gray area
- Check eligibility list on the Interim Guidance
Unemployment Benefits for Self-Employed/Independent Contractor
Emergency Aid for Beauty Professionals
Contra Costa County business resources
Guidance on Contra Costa County essential business – or call Coronavirus Call Center: (844) 729-8410 Open Daily from 8 a.m. – 5 p.m.
Emergency Aid for Beauty Professionals
Contra Costa County business resources
Guidance on Contra Costa County essential business – or call Coronavirus Call Center: (844) 729-8410 Open Daily from 8 a.m. – 5 p.m.