AgdaPkt 2020-04-06 Special - Laserfiche WebLink

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S.A. - Page 15 of 21 Federal and State Economic Relief Programs for Small Businesses • SBA Economic Injury Disaster Loan Advance Program- Small business owners may apply for an Economic Injury Disaster Loan advance of up to $10,000. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. • SBA Economic Injury Disaster Loan- The SBA's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million. Funds will be made available within 30 days of a successful application and repayment will begin six months after funds were made available. • SBA Paycheck Protection Program- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If the workforce is maintained, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses. • SBA Express Bridge Loans- Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can be a used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. • SBA Debt Relief- Under this program the SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. The SBA will also pay the principal and interest of current 7(a) loans for a period of six months. The 7(a) loan is the tradition SBA loan that is not part of the Disaster Assistance Loan Programs or loans created by the Federal CARES Act. • California Capital Access Program (CaICAP)-This is a loan loss reserve program which may provide up to 100% coverage on losses as a result of certain loan defaults. Individual borrowers are limited to a maximum of $2.5 million enrolled over a 3 -year period. • Business Taxes -The California Department of Tax and Fee Administration (CDTFA) will be offering a 90 -day extension for tax returns and tax payments for all businesses filing a return for less than $1 million in taxes. That means small businesses will have until the end of July 2020 to file their first-quarter returns. The state also extended the statute of limitations to file a claim for refund • Disaster Relief Loan Guarantee Program -This disaster program provides loan guarantees of up to $1 million for small business borrowers in declared disaster areas. • Jump Start Loan Program -This program offers loans from $500 to $10,000 to low -wealth entrepreneurs in declared disaster and emergency areas. Utilities Relief PG&E has suspended service disconnections for non-payment for all residential and small business customers. PG&E is also offering flexible payment plans for customers facing severe economic challenges due to COVID-19. Peninsula Clean Energy (PCE) is offering a one-time bill credit of $100 to customers who are enrolled in either the California Alternate Rates for Energy (CARE) or Family Electric Rate Assistance (FERA) programs as of March 20, 2020. This credit will be applied directly to the balance due on April and/or May bills. Additionally, PCE does not disconnect customers as PG&E is in charge of distribution and, as noted above PG&E, will not be disconnecting customers for non-payment. Additionally, PCE has indicated they will not be dropping customers due to non-payment. Page 15 of 21 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 18