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Businesses are being hit hard by the coronavirus pandemic. As government agencies and local authorities direct certain businesses to close and others lose customers while people self-isolate, business owners may find themselves seeking resources to help them and their employees weather the COVID-19 situation.
SAFE Credit Union has long supported businesses in the Greater Sacramento area with business banking services, from savings and checking accounts to lending. We are here to help our members during this time. In that spirit, we’ve compiled a list of helpful resources for businesses in the Greater Sacramento area.
SBA Paycheck Protection Plan
Congress allocated $349 billion in forgivable loans through the Paycheck Protection Plan, or PPP. The loan provides support for business expenses, including mortgage, rent, payroll, and utilities. The amount is based in part on 2.5 months’ payroll costs.
SBA Economic Injury Disaster Loans and Loan Advance
The SBA is offering its Economic Injury Disaster Loans and loan advances to help businesses coping with losses due to COVID-19.
Gov. Gavin Newsom announced the state is putting $50 million toward a new “microlending” program through the California Infrastructure Economic Development Bank, or the IBank. The program is aimed at businesses that might not be eligible for Small Business Administration loans or Paycheck Protection Program.
Applications for California's new program are available through the state's coronavirus portal.
Rancho Cordova and Elk Grove Lift investing
City councils from Rancho Cordova and Elk Grove approved the week of April 6 to provide $1 million each to Region Business, a regional economic development organization operating as Lift Investing.
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1 Available by member request. Subject to approval.
The Centers for Disease Control is regularly updating its guidelines for businesses and employers about how to promote safety for staff and customers regarding COVID-19. https://www.cdc.gov/coronavirus/2019-ncov/community/organizations/businesses-employers.html
The California Labor & Workforce Development Agency provides comprehensive guidelines for employers and employees. Get insights on paid sick leave policies, disability insurance, unemployment insurance, and more. https://www.labor.ca.gov/coronavirus2019/
Learn the latest information and mitigation efforts in place in Sacramento County: https://www.saccounty.net/COVID-19/Pages/default.aspx
Follow updates from the city of Sacramento: https://www.cityofsacramento.org/Emergency-Management/COVID19
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