Five Updates as of April 9, 2020
On Monday, April 6, 2020 the Innovation and Business Assistance Department sent out 1,027 landline calls and sent 987 text messages to unique Tuolumne County businesses. The message, “This is Cole Przybyla with the Tuolumne County Innovation and Business Assistance Department. I strongly encourage all businesses to apply for the Small Business Administration funding for business losses. Apply here: covid19relief.sba.gov
Don't forget to select on page 4 of the application the $10,000 advance payment. Contact me if you have any questions at 209-288-4030.”
After fielding 160+ calls and 40+ text messages in two days, the conversations remain focused on 5 key issues.
1. The Small Business Administration Economic Injury Disaster and Advance (SBA EIDL) is the way to receive funds for debts, bills or expenses. Up to $10,000 does not have to be repaid, think of this as a business grant. Up to or above $10,000 will be a loan at 3.75%, 30 year payback and one year deferment.
2. The Paycheck Protection Program (PPP) is payroll assistance. If used correctly the loan will be forgiven. The funds can cover payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. List of local banks accepting applications is HERE
Use the bank you have business accounts with currently. Banks prioritize existing relationships. If your bank does not offer PPP Loans, reach out to a different bank as most are offering a waiting list for second and third rounds of applications.
3. Apply for the programs now, not later. Funds are limited.
4. Sole Proprietors qualify for the SBA EIDL, PPP and Unemployment.
5. Utilize this newly created website, www.tcdisasterassistance.com for updates on resources available to local small businesses. Non-profits and artists will find information pertinent on the website, too.
Today, April 9, 2020 Congress increased the funding available in the CARES Act by $2.3 Trillion with new and expanded lending programs. As with the original CARES Act, our department will release what this means for our local businesses as soon as possible.
I look forward to assisting your small business in Tuolumne County and I want to help. If I have not had the opportunity to speak with you, I would love to hear from you at 209-288-4030.