Here's a list of local San Diego, as well as state and national resources and relief programs for small businesses in response to Coronavirus (COVID-19). As a non-profit organization, New Media Rights understands that the current crisis has exerted financial strains on a lot of businesses, including San Diego’s own small business community. In an effort to help businesses that are scrambling to keep their doors open, we have gathered a list of San Diego, state, and national resources available to small business owners.
Where possible, the resources provided below are accompanied with a description of the resource, eligibility requirements, and a direct link to the resource.
IMPORTANT: Some of these programs may change their deadlines or no longer be available. If you are considering any of the programs below, please visit their respective websites to confirm application information, deadlines and requirements.
https://www.sandiego.gov/
What is it?
To help businesses be resilient amid the economic challenges of the COVID-19 global pandemic, the City of San Diego has established a Small Business Relief Fund to provide grants, loans and other resources to businesses located in the City of San Diego and the City of Chula Vista. This fund is designed to provide economic relief and support job retention.
The application deadline for the Small Business Relief Fund is now closed, but you can check out the City of San Diego’s Business Relief and Support page for other local resources
Local San Diego information about Federal SBA low interest loan options
Small Business Disaster Relief Guarantee Program
What Is It?
The Small Business Finance Center (SBFC) partners with Financial Development Corporations to provide loan guarantees and direct loans for small businesses that experience capital access barriers.
Who Can Apply?
Small businesses in CA that do not qualify for the Federal SBA disaster loan program may apply for a loan guarantee from a participating lender to increase access to capital.
Application Deadline
N/A
Who is Eligible?
- Businesses with 1 to 750 employees that have been negatively impacted or experienced disruption by COVID-19.
- Eligible Nonprofits
What are the Guarantee Terms?
- Guaranteed up to 7 years
- Guarantees up to 95% of the loan
- Loan interest rates negotiated between lender and borrower
- Qualifications based on lender criteria
How to Use the Loan Proceeds?
The funds are meant to help small businesses through this challenging time. Loan proceeds can be used for business continuance or to cure “economic injury” as a result of the COVID-19 pandemic.
How to Apply
Qualifying small business owners may apply directly with a participating lender.
For more information, visit:
https://www.ibank.ca.gov/small-business-finance-center/
OnWard CA
What is it?
OnwardCA is an initiative of companies, foundations, and humans to get California workers displaced by COVID-19 essential life services and back to work as quickly as possible.
How does it work?
- Step 1: Connects you with essential life services including money, shelter, and food.
- Step 2: Connects you to retraining opportunities so you can learn new skills.
- Step 3: Connects you to your next job.
Who is eligible?
Anyone who has lost their job.
Application Deadline:
N/A
How to apply?
Visit: https://onwardca.org/.
Small Business Relief Payment Plan
What is it?
Effective April 2, 2020, small business taxpayers, those with less than $5 million in taxable annual sales, can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability.
Who Can Apply?
Small business taxpayers with less than $5 million in taxable annual sales.
Application Deadline:
N/A
Terms
At this point, the program is only available for sales and use tax liabilities.
For more information, visit:
https://www.cdtfa.chttps://www.cdtfa.ca.gov/services/covid19.htm#payment-plan-faq
https://www.cdtfa.ca.gov/news/20-07.htm
California Capital Access Program (“CalCap”)
What is it?
CalCAP is a loan loss reserve program which may provide up to 100% coverage on losses as a result of certain loan defaults. Individual borrowers are limited to a maximum of $2.5 million enrolled over a 3-year period. Contact a Participating Lender to enroll.
Who can apply?
Meet the following requirements:
(1) The business is classified as a small business under U.S. Small Business Administration guidelines.
(2) Employs fewer than 500 full-time equivalent employees.
(3) The business purpose is one of the industries listed in the North American Industry Classification System (NAICS) codes list.
(4) The primary business and at least 51% of the employees or its income, sales or payroll comes from business in California. Business activity resulting from the bank’s loan must be created and retained in California.
Application Deadline
N/A
How to apply?
For participating lenders and more information, visit: https://www.treasurer.ca.gov/cpcfa/calcap/sb/brochure.pdf
Employment Development Program
What is It?
Employers statewide directly affected by the new coronavirus (COVID-19) may request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit payroll taxes without penalty or interest. This extension may be granted under Section 1111.5 of the California Unemployment Insurance Code (CUIC).
Who Can Apply?
Employers in California who are directly affected by the new coronavirus (COVID-19).
Application Deadline
N/A
How to Apply?
A written request for extension must be received within 60 days from the original delinquent date of the payment or return.
For more information, visit:
https://www.edd.ca.gov/payroll_taxes/emergency_and_disaster_assistance_foremployers.htm
Emergency Funds for Freelancers, Creatives
What is it?
KQED put together an updating list of funds available to creative professionals of all disciplines, including performing artists for film and television, musicians and nightlife workers, visual artists, writers and authors.
For more information, you can check out KQED’s list here: https://www.kqed.org/arts/13876893/emergency-funds-for-freelancers-creatives-losing-income-during-coronavirus
Other Small Business Relief Programs across the United States
The Community and Economic Development Clinic at American Univeristy Washington College of Law has created a comprehensive list of COVID-19 Small Business Relief Programs. The list is organized by Federal, State, City, and Private Sector Resources. https://docs.google.com/spreadsheets/d/1dYmxxzY9gBokLM9D3GoybL9Q17tla7gQcRcnoNY5Al4/edit?usp=sharing
SBA
https://www.sba.gov/disaster-assistance/coronavirus-covid-19
The Entrepreneur’s COVID-19 Playbook.
A free 40-page guide to stimulus money, tax breaks and legal tips to survive and thrive during the pandemic: https://westaway.co/wp-content/uploads/2020/04/2020-04-03-Westaway-The-Entrepreneurs-COVID-19-Playbook.pdf
Paycheck Protection Program (PPP)
What is it?
This $349 billion package expands the Small Business Administration’s (SBA) existing Section 7(a) loan program to provide loans 100% guaranteed by the federal government of up to $10 million, along with loan forgiveness for proceeds used for certain payroll and fixed costs.
PPP is intended to prioritize companies in underserved and rural markets, including veterans, small businesses owned by socially and economically disadvantaged individuals, women, and businesses that have been in operation for less than two years.
Application Deadline: The program is open until June 30, 2020.
Who Can Apply?
- Small businesses
- Non-profit organizations
- Sole proprietors
- Independent contractors
- Self-employed individuals
Who is Eligible?
Must be:
- Qualified as a small business under current SBA regulations for North American Industry Classification System codes (including independent contractors, sole proprietors and nonprofits);
- Employs up to 500 employees; OR
- Operates in the hotel or food services industries and employs not more 500 employees per physical location requiring assistance;
- Were in operation on February 15, 2020; AND
- Had salaried employees or paid independent contractors as of February 15, 2020.
What are the Terms?
- The maximum amount you can borrow is the lesser of:
- Two months of your average payroll expense (capped at $100,000 per year per employee) plus 25%, OR $10,000,000.
Loan Forgiveness:
This loan can be forgiven as long as you spend the money on payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. If you spend the money on anything other than the above mentioned expenses, then the loan will not be forgiven
How to Apply?
For information on how to apply, visit:
Economic Injury Disaster Loan (EIDL)
What is it?
If you are eligible under PPP, you’re likely eligible for EIDL. In addition, the CARES Act expands eligibility to sole proprietorships, independent contractors, cooperatives under 500 employees, Employee Stock Ownership Plans under 500 employees and tribal small business concerns under 500 employees.
EIDL loans can go up to $2 million and are designed to provide vital economic support to small business deals with a temporary loss of revenue.
Who Can Apply
Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an EIDL advance of up to $10,000.
Application Deadline: The Small Business Advisory is no longer able to accept new applications for EIDL COVID-19 related program, based on available appropriations funding. The SBA is continuing to process applications that were already in the queue before the funding was depleted.
For information on the EIDL, visit:
https://www.sba.gov/page/disaster-loan-applications
Verizon Small Business Recovery Fund
What is it?
Verizon is offering grants up to $10,000 to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.
Who can apply?
Businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.
Application Deadline: April 28th, 2020
Terms
Grants can be used for:
- Paying rent and utilities
- Meeting payroll
- Paying outstanding debt to vendors
- Other immediate operational costs
How to apply?
While Round 1 is closed, you can register for the next round of grants at: https://www.lisc.org/covid-19/verizon-small-business-recovery-fund/
Application
Facebook Small Business Grants
What is it?
Facebook is offering cash grants and ad credits to qualifying small businesses worldwide. Limited counties in CA available (San Diego unavailable, but other major cities are listed).
Who can apply?
- Must have between 2-50 employees,
- Have been in business over a year,
- Experienced COVID-19 challenges, and
- Be in or near where Facebook operates.
How to apply?
Visit: https://www.facebook.com/business/boost/grant
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