Apply for Economic Injury Disaster Loans (EIDL). The entire state of California is a disaster area.
The SBA says it can take up to three weeks for approval of disaster loan applications—which is why the package also includes $10 billion for an advance of $10,000 to small businesses and nonprofits that apply for an SBA economic injury disaster loan within three days of applying for the loan. The advances don’t need to be paid back, even if the business doesn’t ultimately get approved for one of those loans. (per this Next City article)
Available only if you cannot obtain credit elsewhere
Not strictly clear how this is defined, but one business owner shared that they have an SBA-backed line of credit and were told they are still eligible and could use this disaster relief program to pay off the line.
Max $2M
3.75% up to 30-year term for small businesses
2.75% for eligible nonprofits
Approved use of funds includes paying off outstanding debts, payroll, and any other bills
Loans over $25 require collateral, credit history required (unclear on specifics), timeline estimated to be 3 weeks after completed application
Be ready to submit the following information:
Estimated amount of revenue loss from February 1 to now
For sole proprietors, a list of your personal assets and personal liabilities
Schedule of Business Liabilities (ALL debt including credit cards and accounts payable to your vendors and suppliers)
Last business tax returns for incorporated businesses OR last personal tax returns for sole proprietors
A cheat sheet to help all types of business owners understand the CARES Act and specifically the Paycheck Protection Program (as of 4/16/20, PPP funds have been depleted).
Loans
California
San Diego County
Nationwide
City of San Diego
Nonprofit
Small business
All businesses
Jesse Torres and Sid Voorakkara, principals of their respective economic development consulting firms ArroyoWest LLC and Ten Page Memo, LLC
www.covid19biztools.com
Wide range of resources for all types of businesses in California with information and links to resources for regional, state, and federal relief programs. Additional specific resources listed for nonprofits, corporations, and utility companies.
Grants
California
San Diego County
City of San Diego
Nonprofit
Philanthropy CA
https://www.philanthropyca.org/covid-19-response
Under the "response funds" tab there is a very large selection of various emergency funds for COVID-19. This list is updated daily and include funds for the state as well as smaller local funds.
Broad collection of emergency funding from across the country of over 100 funds, listing specific funds for the State of California and cities including San Diego.
Loans
San Diego County
City of San Diego
Nonprofit
All businesses
Small business
San Diego Business & Nonprofit Crisis Support Network
https://www.sandiegobusinesscrisissupport.org
Dedicated exclusively to sharing funding sources and other useful content to small businesses in San Diego.
As of April 16, PPP funding has been exhausted. https://finance.yahoo.com/news/349-billion-ppp-coronavirus-loan-program-for-small-businesses-runs-out-of-money-in-13-days-143606277.html
Loans
San Diego County
California
Nationwide
City of San Diego
Small business
Kiva
https://www.kiva.org/borrow
Effective immediately, U.S. applicants for a Kiva loan will have access to expanded eligibility, loan increase to $15,000, and a grace period of up to 6 months.
- $10,000–20,000 grants and forgivable or low- to zero-interest-rate working capital loans for eligible small businesses
- $6M pool is first come, first served
The Work Sharing Program helps employees whose hours and wages have been reduced:
- Receive UI benefits.
- Keep their current job.
- Avoid financial hardships.
The Work Sharing Program helps employers:
- Minimize or eliminate the need for layoffs.
- Keep trained employees and quickly prepare when business conditions improve.
- Avoid the cost of recruiting, hiring, and training new employees.
Small Business Development Centers are coordinating support for business owners to prepare to access forthcoming federal and other resources. We work primarily with:
- San Diego & Imperial Valley SBDC Network
- Asian Business Association Business Development Resource Center
- The Brink at USD
Very comprehensive site that lists ICIC resources, federal (CARES Act), national, and local resources.
Inactive (funds depleted or program ended)
Nationwide
California
San Diego County
City of San Diego
Small business
U.S. Chamber of Commerce Foundation
https://savesmallbusiness.com/
Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as they can. To qualify, the business must:
- Employ between 3 and 20 people
- Be located in an economically vulnerable community
- Have been harmed financially by the COVID-19 pandemic
Grants
Nationwide
California
San Diego County
City of San Diego
Small business
Credibles
https://credibles.co
Crowdfund from your community with pre-paid edible credits, like a gift card, to use later.