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Payroll Protection Program

As many of you may know, President Trump’s CARES Act is providing a $2.2T stimulus to help our Country get through the COVID-19 situation.  While the CARES Act is funding several popular loan programs, the programs getting the most attention from businesses are the Payroll Protection Program (a forgivable loan of up to $10m based on your average monthly payroll expenses subject to certain conditions and requirements) and SBA’s Economic Injury Disaster Loan Program along with its $10,000 cash advance. 

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CARES Act – Payroll Protection Program

The Paycheck Protection Program (PPP) was enacted under the CARES Act to help small businesses cover their near-term operating expenses during the COVID-19 crisis and provide a strong incentive for employers to retain their employees. This is a new $349-billion Small Business Administration (SBA) lending program, with a 100% government guarantee, as opposed to the 75% guarantee for traditional SBA 7(a) loans.

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ccedd-covid19

Community Update

 If you have spent any time in California, you have grown reasonably accustomed to (or, at least familiar with) floods, earthquakes, wildfires, and droughts. We can now add global pandemic to the list. Through each of these situations, I have always been impressed with the depth of character, the caring and the support demonstrated by community members.

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County-of-Riverside-744×383[1]

Coronavirus Economic Impact Survey

Riverside County is working closely with Governor Newsom’s Office of Emergency Services to gather information about the impact caused by the Coronavirus (Covid19) to Riverside County businesses and non-profit/non-governmental organizations. They are in the preliminary stages of exploring various resources, including public assistance and funding from Federal, State, local governments, and private sources that will help support our business community during this challenging economic time and in the near future. In order to support these efforts, we need your help to determine the economic impact.

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