To all Borrego Residents:
From the Borrego Springs Task Force
Last updated 4/27/2020 at 12:55pm
Most of you are probably aware that the Federal Government has passed various funding plans to help small businesses get through the Covid 19 pandemic. This funding is through the “CARES Act”. This funding program has been very popular, so popular that it ran out of money. In response, this past week, a new, larger funding program was put into place. But time is of the essence as this new round of funds will also run out of money soon.
Do you know that your business is probably eligible for a forgivable loan of $10,000 via the Economic Injury Disaster Loan (EIDL) Emergency Advance of the Small Business Administration (SBA)? That’s $10,000 that does not have to be repaid. Application is fairly simple and can be done on-line. Many Borrego businesses have successfully applied and have been funded. If you need help to apply, there are local residents who will help you at no cost to you.
Another larger program, the Payroll Protection Plan, is also available. These SBA Loans have low interest rates and provide ways for the loans to be forgivable as long as 75% of the funds are used for protecting employee paychecks. The forgivable portion does not have to be repaid. This loan application must be originated with your bank.
Did you know that self-employed businesses and sole proprietorships are eligible for these SBA programs?
Did you know that faith-based organizations are eligible for these programs?
Have you applied for assistance? If so, have you been successful? Please let us know, and let us know if we can share your success story with others.
If you have not applied, why not? Can we help in any way? While we are not experts in these programs, we know other people who are experts, live in Borrego and want to help others. All at no cost to you.
Please respond right away, especially if you have not yet applied. These programs are “first come, first served” and you need to get your applications in before funding runs out again.
Below are links which can help you with your application. If you need additional help, please let us know. Please do not let this opportunity pass away. No excuses!
All of us in Borrego Springs are in this together. We help one another. We are survivors.
Let’s make it happen.
Useful links:
https://workforce.org/covid-19-bus/
San Diego Workforce Partnership. Helpful information on San Diego and Imperial County resources.
US Chamber Small Business Emergency Loan Guide and Checklist. Provides guidance on eligibility and how to take steps to apply.
https://www.nfib.com/assets/Small-Business-Loans-Side-by-Side.pdf
National Federation of Independent Businesses. Provides side-by-side comparison of EIDL and PPP.
Informative press articles on the SBA programs.
Small Business Administration Guide for Businesses.
