The Small Business Administration (SBA), San Diego division has several programs available to help business owners, the self-employed, independent contracts and others amid the coronavirus outbreak.
SBA San Diego's Jamye Pritchett Solorzano highlighted the following four programs during the county's daily presser on Monday, but emphasized that other resources are available on the SBA's website.
The following loans are available to small businesses in San Diego County:
The SBA Economic Injury Disaster Loan
The EIDL Emergency Advance is available now to any small business with less than 500 employees affected by COVID-19. That includes sole proprietorships, independent contractors and the self-employed. It is also available to private non-profits and veteran organizations, the SBA says.
If approved, businesses are eligible for an up to $10,000 loan that will not need to be repaid.
To apply, businesses need to fill out an application here.
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The PPP Loan helps businesses keep their employees paid amid the coronavirus pandemic.
Who is eligible depends on the type of business and the SBA's size standards. The loan will be forgiven if at least 75% of the funds are used for payroll and payments will be deferred for at least 6 months.
Solorzano recommends businesses contact their local SBA lendor to access an application to this loan. More information can be found here.
SBA Express Bridge Loan Program
This loan is available to small business operators who already have a relationship with an express lender.
This may be good for businesses with an urgent need for cash while waiting to receive an EIDL. The loan has a fast turnaround and can grant a business up to $25,000, the SBA said.
The SBA is offering financial reprieve for small businesses during the outbreak. Deferments have been automatically put in place to support small businesses, Solorzano said. To learn about the debt relief available, click here or contact your local lender.
San Diego County leaders also want the opinions of small business owners affected by COVID-19. Supervisor Jim Desmond has created a website to allow business owners to chime in what the biggest needs are in recovery efforts. Business owners should visit SanDiegoBacktoWork.com to add their input.
