Monthly news & updates March 2021

New Rounds of California Small Business Covid-19 Relief Grant Applications being accepted Women's History Month Recognizing women making a difference in the Inland Empire AmPac President Pushes for PPP Deadline Delay Generous grant used to provide emergency assistance to more than 3,000 businesses The American Rescue Plan What the New Relief Package Means for Small Businesses Current Interest Rates* 10 year loan.......2.68% 20 year loan.......2.99% 20 year refi.........3.03% 25 year loan.......3.04% *As of 3/11/21 Client Testimonial "It has been a true pleasure working with AmPac to obtain our SBA financing. Our SBA approval process was challenging and without your persistence and commitment to our project, I don’t believe it would have ever happened. Once SBA approval was obtained the remaining process through the debenture funding was smooth and efficient. We are grateful for all your assistance and very much enjoyed working with AmPac." ~ Rick Hughes, Big Easy RV & Boat Storage Women's History Month Recognizing Women Making a Difference in the Inland Empire In honor of Women’s History Month, a month designated to highlight the contributions of women to history and contemporary society, AmPac is putting the spotlight on a few women who are running thriving businesses and leading non-profit associations in the Inland Empire. First, we’d like to spotlight Kenya Blane, the founder of Nursing Infusion Centers of America (NICA) and CEO of Infusion Partners 360. Both companies focus on delivering medication by infusion (injection with a needle). While Infusion Partners 360 serves as a nurse registry that has a network of nurses skilled to provide infusion and general nursing services, NICA serves as a local infusion center where patients can get their necessary infusions, instead of going to a hospital or under going the procedure at home. During the pandemic, Kenya’s companies have not only survived but thrived. “It’s actually a very exciting time to be a leader of woman owned, nurse owned businesses and dedicate my life’s work to ensuring patients receive the care they need to lead productive lives.” In 2014 Kenya was presented with The Spirit of the Entrepreneur Award and Annual Faith Based Business Award. She is an active member of Vistage, Global Society for Female Entrepreneurs, Infusion Nurses Society, Immunoglobulin National Society, & Cooperative Economic Empowerment Movement. Kenya was recently honored as a Black Future Maker by AT&T. READ MORE

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New Rounds of California Small Business Covid-19 Relief Grant Round 4 of the program is currently accepting applications from non-profit cultural institutions. The funding period was March 16- March 23, 2021, and now has been EXTENDED to March 26 at 5:00 p.m. Eligible applicants: Only nonprofit cultural institutions with any revenue size that meet eligibility criteria. Eligible grant award: $5,000 to $25,000 Details: Eligible nonprofit cultural institutions must complete a new application even if they already applied in Rounds 1 and 2; grants will only be available to nonprofits that did not receive funding in Rounds 1, 2 or 3; grants will be prioritized based on the documented percentage revenue declines based on a reporting period comparing Q2 and Q3 of 2020 versus Q2 and Q3 of 2019. Round 5 will begin March 25 and will accept applications through March 31st. That round will be for current waitlisted small businesses and nonprofits not selected in Rounds 1, 2, or 3 and new applicants that meet eligibility criteria. Please visit California Small Business COVID-19 Relief Grant Program (careliefgrant.com) for more information.

AmPac President Pushed for Extended PPP Deadline as Witness at House Committee on Small Business Hearing Hilda Kennedy was recently quoted after testifying before a congressional committee that Congress needs to extend the Paycheck Protection Program (PPP) application deadline by at least 60 days due to urgent challenges small businesses, CPA advisers, and lenders are facing with the $284.5 billion program. "Hilda Kennedy, founder and president of AmPac Tri-State CDC, a CDFI in Ontario, Calif., provided an example quantifying the impact of the change from net profit to gross income in calculating PPP maximum loan amounts for Schedule C filers. The maximum loan amount available for a Latina-owned party-planning business went from $2,000 to $20,000 with the change to gross income." Hilda was one of four panelists who addressed the committee during a two-hour hearing. The other three panelists, who represented community development financial institutions (CDFIs), the AICPA, community banks, and a Latina-owned party-planning business, echoed concerns about the March 31 deadline, the processing delays in the SBA system, and the impact of the changes to the PPP maximum loan calculations for Schedule C filers. READ MORE

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SBA Corner SBA Extends Deferment Period for All COVID-19 EIDL and Other Disaster Loans Until 2022 WASHINGTON – The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note. All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note. Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers. READ MORE

The American Rescue Plan — What the New Relief Package Means for Small Businesses

Courtesy of Venturize Congress has approved a new $1.9 trillion federal relief package, more commonly known as the American Rescue Plan. The stimulus legislation, the largest of its kind, includes several measures to help stabilize small businesses and the economy. Some of the key provisions that will aid struggling small businesses are: An additional $7.25 billion in funding for the Paycheck Protection Program (PPP). The program will also expand its eligibility for non-profits and digital journalism entities to apply. The PPP still has about $119 billion left in funds from the previous relief package. An additional $15 billion will go toward the Targeted Economic Injury Disaster Loan (EIDL) Advance program, which provides grants for small businesses in low-income areas. The Restaurant Revitalization Fund, a new grants program, will provide $25 billion in relief funding for small restaurants.    READ MORE

Upcoming Event April 1, 2021 Financial Health Virtual Workshop Hosted by Inland Empire Regional Chamber of Commerce in partnership with Wells Fargo  2:00 pm-3:00 pm Register to Attend

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