Local Businesses Can Benefit From Economic Stimulus Package
San Andreas, CA — The $900-billion federal COVID-19 stimulus package could provide extra funding assistance for businesses in the Mother Lode, according to Kathy Gallino, the Director of Calaveras County’s Department of Economic and Community Development.
Gallino has released some bullet points, which you can find below, notably highlighting the Paycheck Protection Program. The information was co-authored by Tuolumne County Disaster Assistance:
– Most important, business funding grants will be on a first come first serve basis
– Call your bank to find out whether they are participating in funding options like the Paycheck Protection Program (PPP) and/or other grants and loan programs
If your bank is not participating, you may want to contact the banks below.
– Oak Valley Community Bank – Apply or find info HERE
– Wells Fargo – Apply or find info HERE
– Bank of Stockton – Apply or find info HERE
– US Bank – Apply or find info HERE
– Umpqua Bank – Apply or find info HERE
– Bank of America – Find info HERE
– Chase Bank – Apply or find info HERE
– BBVA – Apply or find info HERE
– Rural Community Assistance Corporation – Apply or find info HERE
Some changes to the program are as follows:
– It expands eligibility under the program for nonprofits, local newspapers and radio and TV broadcasters.
– A new allocation of $15 billion for performance venues, independent movie theaters and other cultural institutions
Reminder, The PPP is a federal loan program that helps small and medium-sized businesses impacted by the coronavirus (COVID-19) to assist with covering costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt. The loan is an SBA 7(a) loan.
Features of the PPP Loan were as follows in May of 2020 (indications are that this new package will be the same:
– 1.00% fixed interest rate
– Loan amounts up to 2.5 times the average covered monthly payroll costs, not to exceed $10
million
– No fees
– No prepayment penalties
– No business collateral or personal guarantee required
– Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered
period after origination
– Payments are deferred for six months
Remember, the State’s Business Resilience Roadmap can be found HERE and contains industry
specific guidance and checklists for businesses reopening safely.
Additionally, the Calaveras County/City of Angels Camp Business Resource Guide is located HERE and
is packed with information and resources. Lastly, information on government programs designed for
employers and workers supporting sick leave and worker’s compensation regarding COVID-19 can be
found HERE.
