In these unprecedented times, we reflect on the well-being of all Angelenos. This pandemic has rapidly changed the way we go about our everyday lives and left us to adapt to a new way of doing business.
Last Friday, the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, providing much-needed economic relief. For small businesses, the stimulus comes at a time when small business owners are struggling to keep their doors open, and having to make tough decisions about their workforce.
At the L.A. Area Chamber, we know that for our economy to bounce back, small businesses must survive and now with the support from our federal government they have a chance. The CARES Act will provide new loan products through Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Program (PPP).
Tomorrow, April 3, small businesses can start to work with their banks to apply for PPP. The Small Business Administration will administer $350 billion set aside for the Paycheck Protection Program
. Business owners can access up to $10 million in loans. Loans are intended to give business owners access to cash flow and the ability to retain employees; one of the features of this product is that the loans are forgivable.
To start the process, visit your bank or find an SBA Preferred Lender
. The Chamber is working with our local banking community, our Chamber members, who are preparing to help small businesses through the loan process.
If additional assistance is needed, business owners can meet with SBA partners, including the Chamber’s Small Business Development Center
. Our SBDC provides free one-on-one advising and loan application assistance.
Los Angeles’ economy is fueled by our mom-and-pop business owners, our entrepreneurs and innovators. If our economy is to bounce back, we must ensure that our workers have jobs to return to – we must protect small businesses.
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