Update: Local Businesses Could Be Eligible For SBA Disaster Relief Assistance
Update on March 17at 10:45am: Updating an earlier story about assistance for local businesses through the US Small Business Administration (SBA) Economic Injury Disaster Loan program, Tuolumne County’s Director of Innovation and Business Assistance, Cole Pryzybyla, says there is a change in how to apply.
Hearing impaired individuals may call 1-800-877-8339.
Businesses can still contact Przybyla for more information. Additional details regarding the program are below:
Original story posted March 13 at 11am: Sonora, CA — Tuolumne County’s Director of Innovation and Business Assistance says there is a federal program that could help local businesses negatively impacted by COVID-19.
Cole Pryzybyla says businesses suffering substantial economic injury as a result of COVID-19 could be eligible for assistance via the US Small Business Administration Economic Injury Disaster loan program.
He asks that businesses reach out to him as soon as possible if they are interested in submitting an application or learning more information. (Pryzbyla can be reached at 209-288-4030 or at email@example.com)
Pryzbyla has provided additional bullet points below:
• If a small business has suffered substantial economic injury as a result of COVID-19, it may be eligible for financial assistance from the U.S. Small Business Administration.
• U.S. Small Business Administration is allowing businesses to forecast economic losses due to events that bring in high revenues being canceled due to the COVID-19.
• Small businesses and small agricultural cooperatives that have suffered substantial economic injury may be eligible for the SBA’s Economic Injury Disaster Loan (EIDL) Program.
• Substantial economic injury is the inability of a business to meet its obligations as they mature and to pay its ordinary and necessary operating expenses.
• An EIDL can help meet the necessary financial obligations that a business could have met had the disaster not occurred.
• It provides relief from economic injury caused directly by the disaster and permits the business to maintain a reasonable working capital position during the period affected by the disaster.
• The SBA provides EIDL assistance only to those businesses that SBA determines are unable to obtain credit elsewhere.
• The loan amount will be based on the business’ actual economic injury and financial needs.
• The interest rate on EIDLs cannot exceed 4 percent per year.
• The term of the loans cannot exceed 30 years.
• Terms and conditions will be determined by the business’s ability to repay the loan.
IMPORTANT NOTE: The Estimated Adverse Economic Impact Section needs to be fully completed, with all questions answered regarding business revenues, whether there was any business interruption insurance, as well as the comments section. The comments section “Please provide a brief explanation of what adverse economic effects the disaster had on your business:” must indicate that the economic impacts are a direct result of COVID-19. Please be sure the worksheets are completed prior to sending to Cal OES to prevent delay of qualifying the worksheet(s).