During the Coronavirus crisis, the Los Angeles Economic Development Corporation has highlighted a variety of information and resources for local businesses:
EMERGENCY LOANS
Congressional Bill HR. 6074: Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020. Signed by President March 6, 2020 to provide estimated $8.3 billion to fund programs and loans to business that have been impacted by financial losses as a result of the coronavirus outbreak.
Congressional Bill H.R. 6040: To amend the Small Business Act to ensure small businesses affected by the onset of communicable diseases are eligible for disaster relief. Introduced by Congresswomen Judy Chu and would enable small businesses to access Economic Injury Disaster Loans of up $2 million to help meet financial obligations.
Los Angeles County Development Authority (LACDA)
Smart Funding program: $25K to $1.5mil
Community Development Financial Institutions (CDFI) – community-based, nonprofit financial institutions such as LISC and RISE Financial Pathways that assist businesses with low-cost loans
California IBank - emergency loans, via Pacific Coast Small Business Development Corporation
Jewish Free Loan Association (JFLA): No fee and interest-free loan of up to $10,000 to cover:
• Small business losses
• Lost wages because you can’t go in to work
• Child care costs when schools are closed
• Funds lost due to cancelled travel plans and more
BUSINESS SOLUTIONS – ENERGY EFFICIENCY UTILITY PROGRAMS
Southern California Edison (SCE)
Small Business Solutions Program to assist small business save on energy costs:
• Cost-saving energy audits/ Free lighting upgrades/ Energy efficiency solutions
• Savings by Design / Energy-Star/ Incentives
Southern California Gas Company (SoCal Gas) Commercial Direct Install Program to reduce energy costs and save money. Long-term energy savings to business customers by installing no-cost energy-efficient products:
• Free burner tunings for natural gas equipment / Low-flow Kitchen Pre-Rinse Spray Valves
• Hot Water Tank Insulation/ Hot Water Pipe Insulation/ Low-flow Aerators
• Laminar Flow Restrictor (only offered to hospitals and medical offices)
• Rebate program for small/medium/large customers who purchase qualifying equipment.
SHORT TERM WORKFORCE SOLUTIONS
EDD Work Sharing Program: Temporary alternative to layoffs
www.edd.ca.gov/unemployment/Work_Sharing_Program.htm;
www.edd.ca.gov/pdf_pub_ctr/de8684.pdf
Los Angeles County Rapid Response Services: to assist affected employees who may be laid-off or down-sized. Contact LAEDC Area Managers for more info.
Employers can also apply for the Unemployment Insurance (UI) Work Sharing Program if reduced production, services, or other conditions cause them to seek an alternative to layoffs due to the coronavirus crisis. This program is administered by the California EDD (Employment Development Department).
The Work Sharing Program helps employees whose hours and wages have been reduced:
• Receive UI (Unemployment Insurance) benefits
• Keep their current job
• Avoid financial hardship
The Work Sharing Program helps employers:
• Minimize or eliminate the need for layoffs
• Keep trained employees and quickly prepare when business conditions improve
• Avoid the cost of recruiting, hiring, and training new employees
There is no cost to apply for this program. For more information and how to apply for Workshare programs, please email: covid19response@laedc.org or (213) 236-4839.
