Small Business Needs During and After the Coronavirus Crisis: A Roadmap to Recovery
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Courtesy of Small Business Majority
From stock market dips to shuttered storefronts, it’s no secret that the COVID-19 public health crisis has put too many businesses on the brink of collapse. Our network of 65,000 small businesses have painted a dire reality of what they are facing throughout the crisis, which has elevated the need for government officials to better understand the challenges faced by our nation’s entrepreneurs. As some states start to reopen sectors of their economy this month, it’s critical that policymakers at all levels work to enact policies to aid Main Street’s recovery, as well as ensure the long-term success of small businesses by creating an infrastructure to help them reach their full potential.
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SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
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Riverside County Microloan
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The County of Riverside and AmPac Business Capital are partnering to provide emergency capital for small businesses in Riverside County! Microloans of up to $15,000 are available.
Eligible Businesses:
- Private For-Profit
- Small business with fewer than five (5) employees including sole proprietors and independent contractors
- Operating history as of January 31, 2020
- Business Owner meets the Income limit requirements – 80% Median Income: as of 06/28/2019, these are: 1* ($40,250); 2 ($46,000); 3 ($51,750; 4 ($57,450); 5 ($62,050); 6 ($66,650); 7 ($71,250); 8 ($75,850) - * # of persons/HH
- Must demonstrate financial/negative impact as a result COVID-19 (owner must provide proof of profit loss of 25% or more due to COVID-19 from January 31, 2020 to the date of the application)
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SBA 504 Refinance: A Solution for Post-COVID 19 Recovery
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There are many resources that businesses are using for assistance given the current pandemic. AmPac believes that the SBA 504 Debt Refinance program is a more long term solution for businesses when the 8-week PPP loan is complete and other COVID19 specific programs run out. This program allows business owners who own their commercial real estate or equipment that they have financed with a conventional loan, seller carry loan or hard money lender to be refinanced with fixed rate financing over 25 years on the 2nd Trust Deed. The SBA 504 Debt Refinance rate today is 2.75%.
Small Businesses can also pull cash out for business expenses that will be incurred over the next 18 months, which could include inventory costs, payroll, utility costs, insurance including worker's comp and related business expenses. Cash out can be up to 20% of the appraised value at 85% Loan-to-Value.
AmPac recently approved 504 Debt Refinance loans for a local manufacturer in Ontario who obtained almost $500,000 in cash out for business expenses and a financing examiner in Long Beach who obtained more than $350,000 for business expenses. This program, which has been around for years, is a great tool for small businesses for Post COVID-19 long term recovery resources. The AmPac team is available to answer any questions.
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San Bernardino County Approves First COVID Compliant Business Partner
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Courtesy of #SBCountyTogether Daily
Congratulations to Imperial Cleaners of Chino Hills and owner Mira Koh, who quickly jumped on her application to be a COVID Compliant Business Partner. She not only receives a grant for $2,500 to help make safety improvements for her business, but she can display a window sign that shows her customers she is taking the necessary steps to keep them safe.
Start your application now! The COVID Compliant Business Partnership will assist 12,000 County businesses, with grants being issued to qualified applicants on a first-come, first-served basis until the funds are exhausted. Businesses can begin the application process by going to
http://sbcovid19.com/covid-compliant-business-partnership-program/
, where application contents and other submission requirements are listed. The application deadline is August 31, 2020.
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AmPac Business Capital
| ampac.com |
909-915-1706
Making Access to Business Capital
as Easy As ABC
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