Dear Economic Development Partner,
During the COVID-19 pandemic, it is important that our Long Beach businesses have access to business support, resources, services and programs. We are highlighting a few of those programs below from the federal Small Business Administration (SBA). These programs are designed to provide financial relief to businesses impacted by this emergency crisis.
Economic Injury Disaster Loan Emergency Advance
The Economic Injury Disaster Loan Emergency Advance is an SBA loan that provides up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Key loan details include:
- Loans up to $2 million are available.
- Interest rates are 3.75 percent for businesses and 2.75 percent for non-profits.
- Repayment period is up to 30 years.
- Loan may be used on business expenses such as rent, payroll, accounts payable and other operating expenses.
- Businesses are also eligible to apply for an emergency loan advance of up to $10,000.
- Loan advance will provide economic relief to businesses that are experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
To apply, visit https://covid19relief.sba.gov/. For free assistance with applying for this loan, potential borrowers can sign-up for an appointment with the Small Business Development Center (SBDC) at longbeachsbdc.org or by phone at 562-938-5100.
Paycheck Protection Program
The Paycheck Protection Program is an SBA loan that helps businesses keep their workforce employed during the COVID-19 crisis.
Key loan details include:
- Loans up to $10 million are available.
- Interest rate is 1 percent over two years.
- First payment is deferred for six months.
- Loan may be used on business expenses such as payroll, rent, mortgage interest and utilities.
- Loan amounts will be determined by 2.5 times your average monthly payroll costs capped at $100,000 per employee.
- Any small business or non-profit with less than 500 employees affected by COVID-19 can apply.
City of Long Beach Business Hotline and Call Center
City staff are available to answer COVID-19 business-related questions through the Business Hotline and Call Center! For immediate assistance, reach out to the Business Hotline and Call Center at the contact information below. City staff will respond to voicemails made after business hours within 24 hours. Visit our website for additional COVID-19 business resources and services.
Phone Number: 562-570-4BIZ (4249)
Hours: 8:00AM – 5:00PM (Monday – Sunday)
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