CITY OF ARCADIA SMALL BUSINESS GRANT PROGRAM

The Small Business Grant Program under the new Arcadia Works! economic recovery plan, utilizing $245,000 in Community Development Block Grant (CDBG) funds. These funds, primarily provided under the CARES Act to assist with COVID-19 relief, will be directly disbursed to small Arcadia businesses.  Applications will be accepted Monday, May 11, 2020 through Wednesday, May 20, 2020 at 5:30 p.m..  Grants will be issued based on a lottery of all qualifying applications.

The small business grants represent an effort to provide direct relief to as many local businesses as possible. A simple application form has been developed along with accompanying criteria. Grants of $5,000 will be awarded until all available funding is utilized. All Arcadia businesses are encouraged to apply. 

For more information on the grant program, or for any questions or assistance, please contact the Development Services Department by phone at (626) 574-5409 or by email at DSD@ArcadiaCA.gov.

 

L.A. County Small Business Recovery Loan Program (Effective 4/15/2020) - Loans of up to $20,000 with an interest rate of 2.44%.  Eligible businesses must have 25 or fewer employees and have been operating for a minimum of 2 years.  The loan term is 5 years with no payments of principal or interest due for the first 12 months. For more information, click here. 

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Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. In addition to traditional SBA funding programs, the CARES Act established the following new temporary programs to address the COVID-19 outbreak.

Applications and additional information on all of these programs are available online at SBA.gov/coronavirus.

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

 PAYCHECK PROTECTION PROGRAM

This forgivable loan program provides loans for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.  SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. 

ECONOMIC INJURY DISASTER LOAN (EIDL)

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

EIDL LOAN ADVANCE

This forgivable loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.  

SBA EXPRESS BRIDGE LOANS

Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.  These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

SBA DEBT RELIEF

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. The SBA will pay the principal, interest, and fees of current 7(a) loans for a period of six months.  The SBA will also pay the principal, interest, and fees of new 7(a) loans issued prior to September 27, 2020.

Applications and additional information on all of these programs are available online at SBA.gov/coronavirus.

SBA’s Customer Service Center
Phone: (800) 659-2955 |  TTY/TDD  (800) 877-8339.
Email: disastercustomerservice@sba.gov 

INTERNAL REVENUE SERVICE (IRS) INFORMATION FOR SMALL BUSINESSES ON CORONAVIRUS-RELATED TOPICS

 EMPLOYEE RETENTION TAX CREDIT

The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.  For more information, click here.

PAID LEAVE FOR WORKERS AND TAX CREDITS FOR SMALL BUSINESSES

• Small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. For more information, click here.
  

• News Release – Tax Day Extended to July 15, 2020
• Website: https://www.irs.gov/coronavirus

The City’s Resolution No. 7300 provides, in part, a 60 day moratorium on evictions for non-payment of rent by residential and business tenants impacted by the COVID-19 crisis. The details of the moratorium can be found on pages 6-8. View Resolution No. 7300.  If tenants provide to their landlord the proof (relationship of non-payment of rent to COVID-19 emergency listed in Resolution Number 7300) then tenants may be entitled to a temporary waiver of payment of rent, provided that they repay the rent within 6 months after termination of the City’s Resolution.  The most important thing is to please communicate with your landlord (or your tenant) to discuss this situation. The City is not providing enforcement, or acting as an intermediary between landlords and tenants. We are encouraging landlords and tenants to work together during this challenging time to ensure safety and normalcy to the extent it is possible.

GENERAL INFORMATIONAL LINKS AND CURRENT POLICIES

   

Local Emergency Resolution No. 7300 

Los Angeles County
   

Published: June 23, 2020