Chico Chamber of Commerce

  • Welcome to Chico
    • Visit Chico >
      • About Chico
      • Things to See & Do
      • Local Restaurants
      • Lodging
    • Live in Chico >
      • Quality of Life
      • Relocate
  • About the Chamber
    • 2022 Action Plan
    • Advocacy
    • Community Impact Partners
    • Member Directory
    • Board of Directors
    • Our Team
    • Contact Us
  • Join Us
    • Community Impact Partnership
    • Membership >
      • Membership Application
      • Access & Engagement
      • Business Visibility
  • Events
    • Chamber Calendar
    • Community Calendar
  • Move Chico Forward
    • Team Chico
    • Legislative Action Committee
    • Letters of Support & Position Statements
    • YPO
    • Choose Chico
  • Store
  • Member Directory
  • Member Login
  • Welcome to Chico
    • Visit Chico >
      • About Chico
      • Things to See & Do
      • Local Restaurants
      • Lodging
    • Live in Chico >
      • Quality of Life
      • Relocate
  • About the Chamber
    • 2022 Action Plan
    • Advocacy
    • Community Impact Partners
    • Member Directory
    • Board of Directors
    • Our Team
    • Contact Us
  • Join Us
    • Community Impact Partnership
    • Membership >
      • Membership Application
      • Access & Engagement
      • Business Visibility
  • Events
    • Chamber Calendar
    • Community Calendar
  • Move Chico Forward
    • Team Chico
    • Legislative Action Committee
    • Letters of Support & Position Statements
    • YPO
    • Choose Chico
  • Store
  • Member Directory
  • Member Login
Picture

Financial Resources

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

Picture
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​

Paycheck Protection Program (PPP) 
​
 CLOSED May 31, 2021.

Paycheck Protection Program Loan Forgiveness
​
Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness.​
learn more & APPLY
Picture
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

Picture

Economic Injury Disaster Loan (EIDL) 
SBA is currently accepting new COVID-19 EIDL applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

Loan increases
Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.
​

If an applicant accepted a loan for less than the full amount originally offered, the application will have up to two years after the date of the loan promissory note to request to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.
For more information CLICK HERE

Picture
Community Navigator Pilot Program
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, 2021

​The 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
Picture

California Rebuilding Fund
Governor Newsom Announces Launch of California Rebuilding Fund to Help State’s Smallest Businesses Protect their California Dream 

FAQ's
Picture
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. ​
To fill out a pre-application and match with a participating community lender, please click here.
Other Resources
 SBA Referral Contacts - 5.7.2021 
Golden Valley Bank 2020 4th Quarter Chico Economic Snapshot 
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.
​California State Board of Equalization
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.
Small Business Development Center (SBDC) 
COVID-19 Small Business Resources

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

K·Coe Isom Virtual Town Hall PPP: Loan Forgiveness Update Video
May 27, 2020
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
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

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
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
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
Picture
Picture
Picture
Picture
Picture
Copyright 2022, Chico Chamber of Commerce. All Rights Reserved.
180 East 4th Street, Suite 120  |  Chico, CA 95928
Phone: (530) 891-5556 | info@chicochamber.com
JOIN OUR MAILING LIST
Picture