FREE guidance on how to apply for COVID-19 relief funding
The City of Lafayette is proud to offer our Small Business Assistance Program to all small businesses within our community. We are holding small business assistance webinars every Thursday afternoon @ 4pm to discuss the Paycheck Protection Program and other tips to obtain funding. There will also be a Q&A panel where we can answer your questions live. Feel free to register for the Webinar by clicking HERE and select the date and time that works best for you. You can also access the latest recording by clicking HERE.
The following link shares an email announcement sent out to all our registered small businesses with more detailed information: https://conta.cc/3b0h8RO.
Lafayette businesses and non profits have the opportunity to obtain FREE guidance on how to apply for COVID-19 relief funding. If you have not already done so, please sign up HERE for the free services through the City of Lafayette:
Townsend Public Affairs, Inc. (TPA) has been contracted by the City of Lafayette to provide this free service to City of Lafayette Businesses. Learn more here:
You are invited to learn more during a webinar, Thursdays at 4pm. Sign up here:
Access the Business Assistance Program’s guide to the four (4) most popular COVID-19 relief programs available to you:
City of Lafayette COVID-19 Business Assistance Program – BREAKING: PPP funds have run out; here are your options
Posted May 5, 2021
Small Businesses of Lafayette,
Please see below for an extremely important update on the SBA Paycheck Protection Program Round 2 (PPP2): The SBA has declared that PPP funds have run our. If you are still trying to get PPP funds, please read this email carefully as there may still be a chance for you to achieve funding.
We at the Lafayette Business Assistance Program are here to be your local human resource for COVID-19 funding. Don’t hesitate to reach out with any questions.
If you would like to have a “face-to-face” meeting to discuss your needs, feel free to schedule a Business Needs Assessment with us via Phone or Zoom!
You are always welcome at the Lafayette Business Assistance Program’s webinar updates held every Thursday afternoon @ 4pm. You can access recordings of past webinars by clicking HERE. You can register to attend a future webinar by clicking HERE.
BREAKING: Payroll Protection Program Round 2 (PPP2) Out of Funding
As of this morning 5/5/2021, The SBA announced that all PPP funds have been committed. IMPORTANT: You may still be able to get funding even though the SBA has closed the program, please carefully read the following. Don’t hesitate to reach out to us with any questions.
I have already submitted a PPP application, and my lender said they sent it to the SBA. Will I get funding? Possibly, YES.
Our current understanding is that the SBA “shut their doors” because they have committed all the money they have. If your lender is done reviewing your application and the federal government is now reviewing it, you may still get funding over the next three (3) weeks because the SBA has saved funds for your application while they review it.
I had just submitted my applications a few days ago? Will that application be funded?
Most likely, NO.
If your lender is still reviewing your application and has not yet sent it to the SBA, it is most likely too late for that application to get funded. Please see below for alternative options.
This isn’t fair and I need help! Are there any other ways I can get relief funding?
It is not guaranteed, but you may still get federal funding for your business in other ways. We encourage you to apply ASAP as funds will run out quickly:
- All businesses can still apply for the PPP through “CDFIs”. Community Development Financial Institutions (CDFIs) have a different pot of PPP funding that has not yet run out. We encourage you to apply to a CDFI as soon as you can. PLEASE CLICK HERE for a short list of CDFI lenders we will try to keep updated for you. We do not officially endorse these lenders and there are many more you can apply through, these are simply the ones we have been able to confirm are available.
- All “food-service” businesses can apply for the SBA Restaurant Revitalization Fund (RRF). If your business makes at least 33% of its sales from onsite food/drink/alcohol sales, you are most likely eligible for this funding that is worth much more than the PPP. You can still receive this even if you have received the PPP before.
- All “Shuttered Venue” businesses can apply for the SBA Shuttered Venue Operators Grant (SVOG). If your business charges ticket entry and serves “audience member” type customers, you may be eligible for this funding that is worth much more than the PPP. You can still receive this even if you have received the PPP before.
We are continuing to monitor all COVID relief programs for updates and new sources of funding. Please do not hesitate to contact us with questions.
Restaurant Revitalization Fund (RRF)
Current Status: OPEN
The SBA Restaurant Revitalization Fund (RRF) is open for applications. Eligible food-service businesses will receive funding equal to their 2020 COVID-related revenue loss compared to 2019 gross revenue.
If your business makes at least 33% of gross revenue from food and/or drink sales, we highly recommend you apply ASAP! Funds are expected to run out quickly as restaurants all over the nation apply.
This is an extremely beneficial program for food-service businesses and can be applied for even if you received the PPP. The SBA claims that you can complete an application in just 20 minutes.
Please click HERE for our full tips/FAQs on how to apply for this program.
Please follow these steps to complete your application:
- Create an account via the Application Portal.
- See the Sample Application for the questions that you will fill out online.
- Prepare your Business Information:
- Owner info, tax ID, etc.
- 2019 and 2020 Tax Return Information or Profit/Loss documents
- Bank Account Info (So the grant money can be sent to you)
- PPP Loan Information, if applicable (SBA Loan Number and Amount)
If you have any questions at all, please reach out to us so we can help you take advantage of this grant!
SBA Shuttered Venue Operators Grant (SVOG)
Current Status: OPEN
The SBA Shuttered Venue Operators Grant (SVOG) is currently reopen for applications. We encourage you to apply ASAP as funding is expected to run out quickly.
First steps needed to apply:
- Create a SVOG application account at their Website Portal.
- Create a DUNS Number in order to create the required SAM Account.
- Create a SAM Account in order to receive federal grants.
- Prepare your 2019 and 2020 financial records to prove revenue loss.
- Review the temporary grant guidelines on the SVOG’s official website.
Eligible applicants may qualify for grants equal to 45% of their 2019 gross earned revenue, or a maximum $10 million.
IMPORTANT NOTE: New guidance from the SBA confirms you may now apply for both the SVOG and the PPP2. You will not be disqualified from the SVOG or the PPP if you choose to apply for both.
If you believe that your business is a “venue”-type business, you may be eligible to apply! Eligibility varies by business type, but a good indicator is if your business relies on ticket sales and “audience”-type customers.
Examples include but are not limited to:
- Movie theaters,
- Live venue operators or promoters,
- Theatrical producers,
- Live performing arts organizations,
- Museum operators,
- Talent representatives.
Business Assistance Program Update April 9, 2021
Upcoming Items of Interest:
• Changes to the EIDL: In light of how long the economic impact of the pandemic has persisted, the SBA has made two positive expansions to the Economic Injury Disaster Loan (EIDL).
o EIDL extending original loan deferments until 2022
For all SBA disaster loans made in 2020, the first payment due date is 24 months, extended from 12 months, from the date of the note.
For all SBA disaster loans made in 2021, the first payment due date is 18 months, extended from 12 months, from the date of the note.
o EIDL allowing optional expansions to both existing and new loans
Original EIDL calculations were based on six (6) months’ worth of 2019 gross revenue (max. of $150,000).
As of April 6, 2021, new rules now allow a total calculation of 24 months’ worth of gross revenue (max. of $500,000). Initially, this option had a very narrow eligibility only for businesses who received their EIDL before April 3, 2020.
• Shuttered Venue Operators Grant (SVOG): April 8, 2021 launch of application delayed as SBA website crashes. New launch date currently TBD.
o The SVOG application portal officially launched at 9am PST this Thursday. Unfortunately, website issues caused the portal to be shut down in less than one hour.
o The SBA has pledged to release a new launch date in advance so small businesses can prepare and have equitable access to apply.
o Final rules and eligibility are still not yet finalized. Similar to their approach to the PPP Forgiveness application process, the SBA is currently relying on interim guidance, as opposed to official rules that they would be committed to.
o Our current understanding is the SBA agency has little experience in administering grants. We are following this program very closely to keep Lafayette businesses informed. We anticipate rules may change week to week or even day to day as the SBA adjusts to overseeing a grant for the first time in over a decade.
• Final Round of the California Relief Grant: We are preparing our small businesses for the last “Round 6” application that is anticipated release mid-April 2021.
o We are providing new applicants with guidance on how to apply for this final round.
o Previous applicants from Rounds 1-5 are given guidance on how to double check their on file application in case it is being rejected for incorrect documents. This way they can be competitive for their final review in Round 6.
To date, the grant administrators are opting to not tell applicants why they are rejected, allowing tiny missed details to have applicants thrown out as quickly as possible without informing them on how to fix their application.
• PPP application deadline is extended to May 31st.
o TPA is working aggressively to encourage more BAP members to apply now that there is much more breathing room for them to attempt it.
o Small business participation in the BAP remains high now that the Schedule C Gross Revenue rule has made so many new businesses eligible for this resource
o We are also helping businesses navigate the several banks/lenders who have shut down their applications instead of comply with the SBA’s rule changes.
Bank of the West PPP Eligibility
Starting Feb. 4, 2021, Bank of the West will accept applications from any customer with an active business checking account. If a business does not have an active business checking account with Bank of the West, they can follow existing processes to open a new account. Once the account is open and active, the business can apply for a PPP loan using their new business checking account.
The SBA requires that a business must have been in operation on February 15, 2020 and is not permanently closed.
For more information, call 925.284.7072.
PPP2 starts next week!
Lafayette’s Business Assistance Program
- CalOSBA California Relief Grant: Grant funding ranging from $5,000–$25,000 to underserved micro businesses, small businesses, and non-profits throughout the state. Priority focus is on businesses severely impacted by the pandemic shutdown. Note: the deadline has been extended to January 13, 2021
- SBA Paycheck Protection Program Round 2 (PPP2): Loans designed to provide direct incentives for small businesses to keep their workers on the payroll during COVID-19 crisis. Loans fully forgiven if 60% of funds are used on payroll. Round 1 recipients can also be eligible for Round 2. SBA application guidelines are pending. This program is anticipated to close March 31, 2021.
- SBA Economic Injury Disaster Loans (EIDL): Working capital low interest loans of up to $150,000 that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to the COVID-19 crisis.
Find out more about how the Lafayette Business Assistance Program can help you and apply for assistance on BAP’s website now.
The City of Lafayette will restart its Business Assistance Program on Monday, January 4, 2021. The Lafayette Business Assistance Program will have updated information regarding available, as well as upcoming, resources from federal, state, and local sources. Additionally, businesses may register with the Business Assistance Program for one-on-one assistance by completing the business verification form. The form and more information about the Lafayette Business Assistance program can be found on the City’s website here: https://www.lovelafayette.org/businessassistance.
On Wednesday, January 6, 2021, at 10:00 a.m.*, Mayor Susan Candell and Townsend Public Affairs will host a webinar to provide detailed information about the new funding and highlight the services offered by the Lafayette Business Assistance Program. Please register for this important webinar at: https://attendee.gotowebinar.com/register/1230762941626661389.
*The webinar is currently scheduled for Wednesday, January 6th at 10:00am, but may be adjusted based on the final publication of program guidelines.
ADDITIONAL BLOG ARTICLES
Read all out it! Lafayette's Business Person of the Year, Lamorinda Music's John McCormick! 👏👏👏 Lamorinda Weekly article, Wednesday, Jan. 19, 2022...
You can order FREE at home COVID-19 test kits to be mailed to you at no cost from the federal government at https://covidtests.gov. NEW - Cal/OSHA FAQ on CDPH's Isolation and Quarantine Changes Dear California Employer, On January 6, 2022, the California Department...
Contra Costa County Covid-19 Hotline: (844) 729-8410 The County Health Department has been great about responding at this email: firstname.lastname@example.org. [button link="https://www.lovelafayette.org/city-hall/lafayette-strong/lafayette-business-assistance"...
California Mortgage Relief Program Now Accepting Applications Post Date: City of Lafayette 01/06/2022 11:28 AM California homeowners who have fallen behind on their housing payments due to pandemic-related financial hardship can now apply for a grant from the...
The Best of Art & Wine Thank you for supporting YOUR Lafayette Chamber! The Chamber hosted two spectacular nights of art, wine and music at the Creekside Commons on Nov. 4 and 5. We are most appreciative of the tremendous community effort to help the Lafayette...