Four Key Highlights
On March 31st, the Innovation and Business Assistance Department lead a webinar regarding recent legislation impacting businesses, financial resource options and free business consulting.
200 local businesses registered with only 125 being able to join on the Zoom platform due to capacity limits. Those remaining business owners could watch a livestream via Access Tuolumne. The webinar was recorded, now available online, and covers topics ranging from SBA Economic Injury Disaster Loans, sick leave legislative impacts, tax credits, the Payroll Protection Program and free business consulting.
You can watch the webinar here: https://zoom.us/rec/share/9NMpNqOt8E1IX4HSzk-Ha5cnPN_6T6a8gHMe_KBcmEkUWca2zDSG9fMpxuSXMi8G
Four key highlights from the webinar:
1. For financial assistance from the CARES Act Economic Stimulus start by asking yourself these key questions. Do you need capital to cover cost to retain employees? Utilize Paycheck Protection Program. Do you need financial resources quickly? Follow guidance to Economic Injury Disaster Loan Advance. Do you need assistance with payments on current SBA Loan? Use the Small Business Debt Relief Program.
2. Apply for the Payroll Protection Program with a local lender. Several local offices have already reached out confirming their participation.
3. Self-employed individuals and Non-Profits qualify for the SBA Advance.
4. Businesses can get free assistance applying to loans via www.valleysierrasbdc.com
It is with a sense of urgency, I recommend and share to all businesses of Tuolumne County, go to the SBA website to apply for the Economic Injury Disaster Loan here: https://covid19relief.sba.gov/#/
At this link, businesses can apply to the Small Business Administration’s Economic Injury Disaster Loan and can opt into a $10,000 advance to “provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of successful application, and this loan advance will not have to be repaid.” Information via the SBA Website. I urge you to apply today to have the option in the future to decline.
Local CPA and Panelist from the March 31st Business Resources Webinar, Ron Roberson stated, “We realize it is extremely difficult to make major financial decisions in these very turbulent times. Some business owners have asked, “Should I really go through the hassle of applying for a Paycheck Protection Program loan right now? I don’t have any cash needs, my business is still operating, etc…” Our advice, apply now. Protect your business in the future. Don’t wait. There is a specific amount of dollars allocated to the program and once those are gone, barring Congressional action, pending loan applications will not be funded. You want to be in the front of the line, not the back.”
Additionally, due to the overwhelming amount of information for Small Businesses to consider, the County of Tuolumne Innovation and Business Assistance Department has developed a website that connects business owners with valuable resources. These links will be updated as soon as any information becomes available, so please check the website frequently. You can find the website at: https://www.tcdisasterassistance.com/