The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. 

The Small Business Administration (SBA) disaster loan is called the Economic Injury Disaster Loan or EIDL.  By simply applying for this disaster loan, you become eligible for up to a $10,000 advance on your loan.   

NOTE:  If you applied for this loan before March 30, you need to reapply to utilize the new streamed lined loan application (see link below).

The Paycheck Protection Program (PPP) is part of the Stimulus Bill and provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits. Funds can be used to pay interest on mortgages, rent and utilities.

Fully Forgiven Funds are provided in the form of loans that are fully forgiven when used for payroll costs and other eligible costs. Loan payments will be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

On Friday March 27, 2020, The President signed the Coronavirus Aid, Relief and Economic Security Act, or CARES Act into legislation.  The $2 Trillion aid package includes the following for individuals and businesses. Note that this summary does not include all of the components of the legislation, and instead focuses on what types of aid are made available to most people and small businesses.

In order to protect the public and in recognition of the current public health emergency, San Benito County has issued an Order to Shelter in Place (Order) that effects our residents and our local businesses. The Economic Development Corporation (EDC) urges all businesses and residents to review the Order in detail. You can find it at the County’s website. This Order is similar to the Orders that have been declared in the Bay Area counties and is consistent with a similar order from Governor Newsom.

Aaron Johnston, Chairman of the Economic Development Corporation (EDC) Board, is pleased to announce that the organization has hired Marc Fontes as its new Executive Director

Supervisors allocate $67,000 to four organizations and plan further discussions in budget hearings.

Area organizations attend a workshop on business retention/growth, multi-agency collaboration and tourism marketing plan.