Payroll Protection Program

Cathedral City Business Owners,

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.

I encourage every Cathedral City business to evaluate each loan program to determine if these programs are the right fit for your business.  If you believe the Payroll Protection Program (“PPP”) is the right fit for your business,  please note the SBA and SBDC expects the $349B of funds allocated to the Payroll Protection Program will be exhausted by this Sunday. Accordingly, I encourage any business interested in the PPP loan to apply tomorrow, April 3, 2020, the first day the program becomes available.

Here is at least a partial list of banks offering the Payroll Protection Program: US Bank, Bank of Southern California, Wells Fargo, Pacific Western Bank, UnionBank,  and Pacific Premier .  As I identify more, I will let you know.

Here is the link to a list of SBA approved banks. I do not know if being an SBA bank means you, as a bank, will be offering the PPP program.

To stay abreast on the latest COVID-19 related news, business tools and policy changes, please periodically refer to the below links for information on:

• Medical related:
  • CDC’s website
  • Riverside County Health’s website
  • Protecting yourself, your family and your employees, click here
• Business related:
  • SBA’s website
  • SBA’s Small Business Development Corporation (or SBDC) website
  • Sign up for SBA email updates
  • Sign up for Cathedral City Economic Development updates . The place to enter your email address is located on the right side, middle of the webpage.
• General Information on medical, business and other related City news:
  • Cathedral City Economic Development’s website
  • www.discovercathedralcity.gov
    
  • https://www.cathedralcity.gov/

Please contact myself or Natalie Orta at the SBA directly with any loan related questions. If your business does not qualify for the SBA’s EIDL, Ms. Orta and myself may have other lending options available.

SBA Contact:

Natalie Orta
Senior Area Manager
Coachella Valley Satellite Office
73733 Fred Waring Drive Suite 211
Palm Desert, CA 92211
(760) 408-0049

While the next several months are going to be an experience, we will get through this.

All the best

Stone James
Economic Development Director
City of Cathedral City
68700 Av. Lalo Guerrero, Cathedral City, CA 92234
Direct: 760-770-0336
Mobile 760-219-7227
Office Fax: 760-321-4509
Email: sjames@cathedralcity.gov
www.cathedralcity.gov