State Financial Relief Available for Small Businesses in San Diego County, Federal Money on its Way
A new small business assistance program from the State of California started Wednesday, and in the New Year businesses will receive support from the Federal Government’s economic stimulus package.
“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.”
“Our team of over 100 business advisors provided over 20,000 hours of one-on-one assistance in 2020 helping small business owners access disaster assistance and get through the pandemic,” said Daniel Fitzgerald, Regional Director, San Diego & Imperial SBDC Network. “With the new state and federal programs, our team will be ready and available to help small businesses who continue to need our help.”
Governor Gavin Newsom announced earlier this month $500 million in grant funds for small businesses and nonprofits. Today businesses and nonprofits can sign-up to receive the funds by visiting www.CaReliefgrant.com. The deadline to apply is January 8, 2021 at 11:59 p.m. This is not a first come first serve grant. All applications will start to be reviewed following the closure of the application period. These grants are to cover business expenses and specifically for small businesses hit by the pandemic.
The Federal Government also agreed on a 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.
About Supervisor Nathan Fletcher
Supervisor Fletcher’s new partnership with the San Diego & Imperial SBDC Network is the latest in a series of steps he has taken during the coronavirus pandemic to make funding, along with support services available to owners of small businesses, nonprofits and their employees. The complete list of the nearly $150 million in funding, along with support services includes:
· $20 million to provide economic relief to businesses impacted by the Purple Tier closures. This was approved by the Board of Supervisors on November 25.
·$56 million raised for San Diego COVID-19 Community Response Fund administered by The San Diego Foundation in collaboration to assist people struggling with food security, other essential living expenses, emergent needs, and rent and utility payments during the Coronavirus Pandemic. Learn more at sdfoundation.org/COVID19
·$20.5 million of CARES Act money to support the County Relief Program for Small Businesses and Restaurants was created from an economic and humanitarian stimulus package for COVID-19 the Supervisor was able to pass. $4.1 million was distributed to District 4 businesses disproportionately underfunded or left out from securing traditional state and federal government COVID-19 relief.
· Secured $10 million for Frontline Worker Childcare Vouchers during the pandemic. The County gave $5 million of its CARES Acts funding and the City of San Diego agreed to match with another $5 million.
· Secured $1 million to support YMCA Summer Camp operations and scholarships so children from low-income homes can have a place to go as parents get back to work.
·The San Diego County COVID-19 Small Business & Nonprofit Loan Program was launched by Supervisor Fletcher in collaboration with The San Diego Foundation, Mission Driven Finance, Accion Serving Southern California, the San Diego & Imperial Small Business Development Center Network, and the California Southern Small Business Development Corporation. Ten million -- $5 million from the County and $5 million from the San Diego Foundation -- was raised. It is unique because it is structured to use a combination of subordinated funds and state guaranteed funds up-to $30 million to provide financial relief to small businesses and nonprofit organizations in the County who are struggling as a result of the coronavirus pandemic. Learn more at https://sandiegosbnlp.org/
·Partnered with the San Diego & Imperial Small Business Development Center (SBDC) Network to establish the SBDC Businesses Adapting to the New COVID-19 Environment with $1.7 million in funding from the US Small Business Administration (SBA) and the California Governor’s Office of Business and Economic Development (Go-Biz.), to educate, communicate, and assist San Diego County small business owners with navigating requirements related to the COVID-19 pandemic as they reopen. Assistance includes free online training (live and recorded) and free one on one mentoring and advice. Learn more at https://www.sdivsbdc.org/adaptsd/
·Infused more than $3.2 million in County Neighborhood Revitalization Program and Community Enhancement Program grants into the region to support COVID-19 response and recovery.