• Provides small businesses with working capital loans of up to $2 million
• 3.75% interest rate (nonprofits 2.75% interest rate)
• SBA loan approved based solely on an applicant’s credit score.
• Loans smaller than $200,000 can be approved without a personal guarantee.
• No early payment penalties
• 30-year loan

COVID-19 EIDL Application

• All those applying for an EIDL loan will be eligible for up to a $10,000 emergency grant to be issued within 3 days of the application being received.
• Applicants must certify under threat of perjury that they believe they are eligible for the EIDL loan.
• The up to $10,000 grant is forgivable.

Qualified Expenses for Emergency EIDL Grant
• Providing paid sick leave to employees unable to work due to the direct effect of the COVID–19;
• Maintaining payroll to retain employees during business disruptions or substantial slowdowns;
• Meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains;
• Making rent or mortgage payments; and
• Repaying obligations that cannot be met due to revenue losses.

 Who qualifies for a PPPL?
• Businesses with less than 500 employees
• Independently owned franchises with less than 500 employees
• “Accommodation and Food Services,” if each location has less than 500 employees
• Sole proprietors, independent contractors, self-employed individuals
• 501(c)(3) nonprofits AND
• Been in business since 2/15/2020 and paid taxes on your employees or independent contractors.

PPP Overview

PPP Borrower Paycheck Protection Program Application

PPP Borrower Information Sheet

Valencia SBDC Location – 26455 Rockwell Canyon Rd. Santa Clarita CA 91355

College of the Canyons SBDC

 

Under Families First Coronavirus Response Act

U.S. Dept. of Labor Wage and Hour Division (WHD) Resources

Families First Coronavirus Response Act Q&A

For Employees

For Employers