American Rescue Plan Act
March 11, 2021 President Biden signed the American Rescue Plan Act into law. This is a $1.9 trillion economic stimulus bill passed by the 117th United States Congress. This act will provide additional relief for small businesses and hard-hit industries for programs the Small Business Administration (SBA) is currently administering and adds new efforts, including:
- $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
- Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
- $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
- NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants
- NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.
Restaurant Revitalization Fund (RRF) Application CLOSED |
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The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) Eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.
Employee Retention Credit FAQs
Employee Retention Credit FAQs
Paycheck Protection Program (PPP)
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Paycheck Protection Program (about)
The U.S. Small Business Administration in consultation with The U.S. Department of the Treasury, ill open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. The PPP loan portal system will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. First Draw PPP Loan deadline was May 31, 2021.
First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. First Draw PP Loans Overview HERE
Second Draw of PPP Loans: At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from community financial institutions starting on January 13, 2021. The PPP will open to all participating lenders for Second Draw PPP Loans shortly thereafter. Second Draw PP Loans Overview Here
First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. First Draw PP Loans Overview HERE
Second Draw of PPP Loans: At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from community financial institutions starting on January 13, 2021. The PPP will open to all participating lenders for Second Draw PPP Loans shortly thereafter. Second Draw PP Loans Overview Here
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Economic Injury Disaster Loan (EIDL)
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Through the Community Navigator Pilot Program, SBA will engage with states, local governments, SBA resource partners, and other organizations in targeted outreach for small businesses underserved communities. These efforts began with SBA issuing an Information Notice that offers advice and guidance on best practices for adopting the community navigator model for use by SBA district offices, state and local government partners, Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), SCORE, Veterans Business Outreach Centers (VBOCs), and other resource partners.
Competitive grant awards will range from $1 million to $5 million for a two-year performance period. Applicants have until July 12, 2021, to submit their applications at grants.gov. Performance periods are projected to commence in September 2021. Those eligible to apply must meet and demonstrate abilities to support the requirements of this funding opportunity. See the Community Navigator Pilot Program Notice of Funding Opportunity. Details Here |
Shuttered Venue Grant - Applications Accepted April 8, 2021The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance. SBA has announced applications will start being accepted April 8, 2021.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. Shuttered Venue Operators Grants - FAQ Shuttered Venue Operators Grant Preliminary Application Checklist |
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The California Rebuilding Fund is a loan program to support California’s small businesses—especially those located in economically disadvantaged and historically under-banked areas of the state. Businesses who employed 50 or less full-time equivalent employees (FTEs) and had gross revenues of less than $2.5 million or below in 2019 are eligible to apply.
Other Resources
California Disaster Relief Loan Guarantee Program — COVID-19
The State of California is allocating $50 million to the Small Business Finance Center at California’s IBank to mitigate barriers to capital for those small businesses (1-750 employees) that may not qualify for federal funds (including businesses in low-wealth and immigrant communities). The $50 million allocation will be used to recapitalize the IBank Small Business Loan Guarantee Program.
Disaster Relief Loan Guarantee Program: This disaster program provides guarantees for loans of up to $50,000 for small business borrowers in declared disaster areas.
The State of California is allocating $50 million to the Small Business Finance Center at California’s IBank to mitigate barriers to capital for those small businesses (1-750 employees) that may not qualify for federal funds (including businesses in low-wealth and immigrant communities). The $50 million allocation will be used to recapitalize the IBank Small Business Loan Guarantee Program.
Disaster Relief Loan Guarantee Program: This disaster program provides guarantees for loans of up to $50,000 for small business borrowers in declared disaster areas.
California State Board of Equalization
Coronavirus (COVID-19) Impact to Property Taxes FREQUENTLY ASKED QUESTIONS (FAQS)
Coronavirus (COVID-19) Impact to Property Taxes FREQUENTLY ASKED QUESTIONS (FAQS)
3CORE: Small Business Interruption Loan Program
Business working capital loan in an amount between $10,000 and $100,000, depending on each business’s individual needs. Larger loan requests with alternate rates and terms may also be considered. For questions, please contact 3CORE at (530) 893-8732.
Business working capital loan in an amount between $10,000 and $100,000, depending on each business’s individual needs. Larger loan requests with alternate rates and terms may also be considered. For questions, please contact 3CORE at (530) 893-8732.
North Valley Community Foundation
Coronavirus Rapid Response Fund for Local Nonprofits and Agencies: To help local nonprofit organizations and government agencies on the front lines prepare, rapidly respond to and deploy resources for coronavirus response in Butte, Glenn, Tehama and Colusa counties.
Fund Page
Donate to Fund
Videos
Zoom Interview with Rick Smith, Tri Counties Bank
"PPP Update"
October 26, 2020
Full Interview HERE
Zoom Interview with Mark Francis, President & CEO, Golden Valley Bank
"The PPP Experience and the Status of our Local Economy"
May 19, 2020
Full Interview HERE
"The PPP Experience and the Status of our Local Economy"
May 19, 2020
Full Interview HERE
Zoom Interview with Toni Scott, Principal, Grants, Morrison
"I Received my PPP Money...Now What"
April 22, 2020
Full Interview HERE
Morrison Paycheck Protection Program Loan Tips HERE
"I Received my PPP Money...Now What"
April 22, 2020
Full Interview HERE
Morrison Paycheck Protection Program Loan Tips HERE
Zoom Interview with Rick Smith, President & CEO, Tri Counties Bank
April 20, 2020
Full Interview HERE
Webinar Links
ASK AN ECONOMIST (COVID-19) - PART 1
Dr. Robert Eyler, PhD
April 3, 2020
Learn about the Good, Tricky, and Ugly scenarios and hear what he has to say about the effects on different industries.
Full Webinar CLICK HERE
Dr. Robert Eyler, PhD
April 3, 2020
Learn about the Good, Tricky, and Ugly scenarios and hear what he has to say about the effects on different industries.
Full Webinar CLICK HERE
ASK AN ECONOMIST (COVID-19) – PART 2
Dr. Robert Eyler, PhD
April 10, 2020
Economic update (webinar) presented by Rob Eyler, PhD. He explains the immediate and near-term economics of the crisis, factors municipalities and businesses should keep their eyes on, and strategies for the TOURISM industry.
Full Webinar CLICK HERE
Dr. Robert Eyler, PhD
April 10, 2020
Economic update (webinar) presented by Rob Eyler, PhD. He explains the immediate and near-term economics of the crisis, factors municipalities and businesses should keep their eyes on, and strategies for the TOURISM industry.
Full Webinar CLICK HERE
ASK AN ECONOMIST (COVID-19) – PART 3
Dr. Robert Eyler, PhD
April 23, 2020
Economic update including "tricky" and "ugly" scenarios and the costs/benefits of reopening. Industry focus this week: MANUFACTURING
Full Webinar CLICK HERE
Dr. Robert Eyler, PhD
April 23, 2020
Economic update including "tricky" and "ugly" scenarios and the costs/benefits of reopening. Industry focus this week: MANUFACTURING
Full Webinar CLICK HERE
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