Deadline Extended to January 13th for Small Business & Nonprofits to Apply for $500 Million State Relief Funds
“It’s been a very difficult year for the business community, particularly our small businesses; that is the reason we have worked hard to provide relief and help during this difficult time,” said Supervisor Fletcher, Co-Chair of the County’s COVID-19 subcommittee. I am excited to work with the San Diego & Imperial SBDC Network and The San Diego Foundation again to deliver funding, information and technical support for businesses and nonprofits. The $500 million in grants from the State of California and the federal government’s renewal of PPP, and the roll out of grants for live venues will be vital to the recovery of San Diego County businesses in the New Year.”
The Federal Government’s new stimulus package, that includes new and renewed assistance for small business owners and non-profits, including:
- Additional funding for the Paycheck Protection Program (PPP), allowing businesses who did not receive a loan to apply and receive a loan equal to 2.5 times their monthly payroll.
- Options for businesses who have had at least a 25% drop in revenue to apply for a second PPP loan. Certain industries hardest hit, such as restaurants and hospitality, can receive up to 3.5 times their monthly payroll.
- $15 billion for grants for live venues that have been shuttered, including theaters and museums.
- An extension of the Economic Injury Disaster Loan (EIDL) program, including a renewal for the up to $10,000 grant program for businesses that did not previously receive the funding.
- Availability of PPP loans for nonprofit 501 (c)(6) organizations.
“The new state and federal funding measures are an opportunity to bolster the nonprofit sector as it continues to provide much-needed relief for San Diegans impacted by COVID-19,” shared Mark Stuart, President & CEO of The San Diego Foundation. “We will educate and inform San Diego nonprofits about the SBDC services and training available to them to assist in application development so we can bring federal and state funds home to San Diego to help our community.”
The San Diego & Imperial SBDC Network hosted by Southwestern College is funded by the U.S. Small Business Administration (SBA) and the California Governor’s Office of Business and Economic Development (Go-Biz). The SBDC provides free business advising in all realms of how to start, manage and grow a business, and most workshops or training are offered at no cost to small business owners to provide economic impact for our region. The regional SBDC network includes nine service partners in San Diego and Imperial counties. Services are provided in English, Spanish, Mandarin, Vietnamese, Arabic, Farsi, Swahili, Dari and others. Follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube to stay connected.
About The San Diego Foundation
The San Diego Foundation inspires enduring philanthropy and enables community solutions to improve quality of life in our region. For more than 45 years, The Foundation and our donors have granted more than $1.3 billion to support nonprofit organizations and strengthen our San Diego community. Learn more at SDFoundation.org and consider a donation to the San Diego COVID-19 Community Response Fund, helping nonprofits and San Diegans affected by the coronavirus pandemic.