Many businesses have been financially impacted by the Coronavirus (COVID-19) outbreak. We want to provide our business members a centralized place with information and resources that would be beneficial for them.
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to small businesses that are suffering economic injury as a result of COVID-19. The SBA’s Economic Injury Disaster Loans (EIDL) offers up to $2 million in assistance and can provide vital economic support to small businesses to help alleviate the temporary loss they are currently experiencing as a result of the Coronavirus. The SBA.gov website states that these loans may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid, and have fixed interest rates of 3.75% for small businesses and 2.75% for non-profits. If you have any questions about this relief program, please contact the SBA disaster assistance customer service center at email@example.com or call 1-800-659-2955.
The SBA also has a resource page that gives information on the various loans available for small businesses and links to the applications. Click here to access their resource page.
If you need help applying for an SBA disaster loan or have questions about filling out the forms or providing the needed documentation, please sign up for no-cost consultation with the Northern California SBDC Finance Center at financing-simplified.com/start. Additional assistance is available through Score, a partner of the SBA for free business mentoring and education.
We also wanted to take a moment to note the potential scams you could encounter. The U.S. Treasury Department has stated that calls, emails, or other communication claiming to be from the U.S. Treasury asking for personal financial information, stating there is an advance fee, or there is a charge of any kind should be ignored. These are scams. If you receive one of these fraudulent claims, you are encouraged to contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped.
Yolo Federal is your local support and we are here to help. Please visit our COVID-19 webpage for updates and resources. If you or your business need additional guidance or assistance because you have been impacted by the Coronavirus, please contact a Yolo Federal representative at (530) 668-2700 or schedule an appointment.