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CARES Act provides loans, grants, support for small businesses in San Bernardino County

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5 years ago Community News

Photo Richard Matney: Support is available to small businesses in the form of paycheck protection, debt relief, free resources and more through the $2.2 trillion emergency relief package signed into law on March 27.

Small businesses in San Bernardino County can apply for assistance under the federal Coronavirus Aid, Relief and Economic Security Act (CARES), signed into law on March 27.

The San Bernardino County Workforce Development Board (WDB) reports that the $2.2 trillion emergency relief package contains a variety of measures designed to assist small businesses adversely impacted by the COVID-19 pandemic, including:

• Paycheck Protection Program, providing cash-flow assistance in the form of loans to small businesses harmed by COVID-19 between February 15 and June 30. The loans would be forgiven if the small businesses maintain their payrolls during that period. More information on the Paycheck Protection Program is available here.

• Emergency Economic Injury Grant, providing an advance of up to $10,000. To qualify, businesses must first apply for an SBA Economic injury Disaster Loan (EIDL). More information on the Emergency Economic Injury Grant program is available here.

• Small Business Debt Relief Program, providing immediate relief to small businesses worried about keeping up with payments on their current or potential SBA loans. More information on the Small Business Debt Relief Program is available here.

• Resource partners, free counseling and support for small businesses during these difficult times. More information on the resource partners program is available here.

A complete rundown of the benefits and support available under the CARES Act is available online.

In addition, WDB provides a variety of support services for businesses, including webinars, employment training, a rapid response program for businesses planning to downsize, and a free human resources hotline.

“Our message to small business negatively impacted by the coronavirus crisis is that there is support available. You’re not alone, and our team of Business Services professionals is here to help,” said Phil Cothran, WDB Chairman.

To learn more about WDB’s Business Services team, click here.