Friday, March 20, 2020

Amador County: Local Business Mitigation/Recovery Resources

LOCAL BUSINESS MITIGATION/RECOVERY RESOURCES
The COVID-19 event and the restrictions imposed on businesses to mitigate the impact of the novel coronavirus has resulted in overwhelming challenges to our local businesses and economy.  However, resources are available to help small business owners.

In recognition of the economic impact of the COVID-19 event, the U.S. Small Business Administration (SBA) has issued a disaster declaration for the state of California.  The SBA’s disaster declaration has made low-interest Economic Injury Disaster (EID) loans available to eligible small businesses and private non-profit organizations to alleviate the economic injury of the COVID-19 event.  SBA EID loans can be used for fixed debts, payroll, accounts payable, etc.  Interest rates on EID loans are determined by formulas set by law and remain fixed for the life of the loan.  The maximum interest rate for the SBA EID loan is 4% with rates for small businesses at 3.75% and 2.75% for non-profits.  Additional information on this program is available through the SBA Customer Service Center at (800) 659-2955 or if hearing impaired (800)877-8339 and by email at disastercustomerservice@sba.gov.  Applications for EID loans may be submitted online at https://disasterloan.sba.gov/ela

The California Employment Development Department (EDD) has programs such as Rapid Response or Work Share that employers seeking alternatives to layoffs or to lessen the impact of reduced hours on staff may find helpful.  Locally, Mother Lode Job Training can provide assistance with information and forms related to these EDD programs.  For additional information, employers may contact the regional EDD office via email at wsbstockstonfieldoffice@edd.ca.gov.

The efforts and sacrifices made by our local businesses during this unprecedented situation are greatly appreciated. The County is concerned about your business and will continue to relay information on resources that can help you mitigate the economic impact of the COVID-19 event.

For additional information on any of the resources mentioned please contact Kim Holland at (209) 223-6733.

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