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:
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.
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