Covid-19 Update: Small Business
As we are faced with an unprecedented pandemic, it is essential that small businesses receive the necessary aid for both employers and their employees. There are a number of Federal, State, and Local programs that are designed to assist small businesses affected by COVID-19.
There is a constantly updated resource list for small businesses online at the Governor's Office of Business and Economic Development website. Some of these programs are listed below:
- California Treasurer's Office has a small business loan program with special disaster insurance: CalCAP
- The US Small Business Association is offering low-interest loans of up to $2 million for businesses affected by COVID-19: Economic Injury Disaster Loan Program
- California IBank has a Small Business Loan Guarantee program for loans up to $1 million and a JumpStart micro-lending program for loans up to $10,000. The program is run through local lenders, the Financial Development Corporations: Small Business Finance Center
Additionally, there are small business loans available through LA County.
And the City of Los Angeles is offering micro-loans. The newly established Small Business Emergency Microloan Program now provides financing needed to strengthen small business enterprises in this time of acute need that have been affected by the COVID-19 outbreak.
If you have specific questions about the assistance available to small businesses, you can call my office at (310) 375-0691 or email me at Assemblymember.Muratsuchi@assembly.ca.gov.
We are all in this together.
Assemblymember, 66th District