Desert Hot Springs News

COVID-19 Small Business Webinar: What You Missed

Posted by City of Desert Hot Springs on Apr 8, 2020 10:51:16 AM

The City of Desert Hot Springs hosted a Small Business webinar on April 6, with Mayor Scott Matas,

Natalie Orta, Small Business Assistance Area Manager of the Small Business Administration; Josh Bonner, CEO, and Rebecca Rizzo, Director of Membership, of the Coachella Valley Chamber of Commerce; and Denise Hamet, Economic Development Manager of the City of Desert Hot Springs.

 

If you were not able to join, a video of the full webinar is available HERE

 

These are some of the most frequently asked questions, which were covered during the webinar: 

 

How do I apply for SBA’s Economic Injury Disaster Loan (EIDL)?
You can apply with the SBA online HERE for the EIDL. 
How do I apply for the Payroll Protection Program (PPP)?

You apply through your lender for the PPP loan.Go to the Santa Ana District office website and enter your zip code to find a list of participating lenders. These are the following banks (that we are aware of) that are facilitating the loans in Desert Hot Springs:


Bank of America 
13210 Palm Drive
(760) 251-5246
https://www.bankofamerica.com/smallbusiness/business-financing/sba-financing/


JP Morgan Chase
13000 Palm Drive
(760) 329-1442
https://recovery.chase.com/contingency-plan?jp_aid_a=62236&jp_aid_p=bizbankhome_3/hero


Wells Fargo
14000 Palm Drive
(760) 329-2981
https://update.wf.com/coronavirus/paycheckprotectionprogram/


BBVA
66565 Pierson Blvd.
(800) 273-5363
https://www.bbvausa.com/special/covid19-small-business.html

 

Do I have to go in to the bank to apply for the PPP?

All banks will have online applications.

 

Can I apply for BOTH the EIDL and the PPP?

Yes, but you cannot use the same funds for the same purpose.

 

Do I need to pay someone to assist me in completing the applications?

No. There are many SBA partners, listed below, that can help you at no cost, including the SBDC, WBC, and SCORE.

 

How do I get that extra $10,000 I keep hearing about?

When you apply for the EIDL program online, there is an option in Step Four, Question Eight that says, "I would like to be considered for an advance of up to $10,000." You need to check that box and provide your bank's routing number and your account number. 

 

When will I get my money?

The estimated wait time for the EIDL advance is 3-5 days and 2-3 weeks for the rest of the EIDL funds. It is taking a little longer than that due to the demand.

 

Is my non-profit eligible for these loans?

Some non-profit organizations are eligible. Check with your SBDC contact. 

 

What is the deadline to apply?

You can apply for the EIDL money until the end of the year. The cutoff for the PPP is June 30, although some lenders have stopped accepting applications - at least, temporarily - due to high demand.

 

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In addition, the following resources that are available to provide assistance to small business owners during this time: 

 

SBA District Office Newsletter & Webinars

Subscribe for COVID-19 updates and invitations to SBA EIDL/PPP webinars HERE.

Follow the SBA District Office on Twitter: @SBA_OCIE

 

SBA Disaster Loans

Information on SBA disaster loans is available HERE.

 

SBA National

The SBA national website offers additional resources.

 

Coachella Valley Small Business Development Center (CVSBDC)

Visit the Coachella Valley Small Business Development Center website for free business consultations. 

Office Number: (760) 863-2529 

Contact Business Consultant Hugo Loyola at hugo.loyola@ociesbdc.com 

The SBDC also has created a booklet of SBA-related information, available HERE.

 

The Women’s Business Center 

The Women's Business Center offers resources for female entrepreneurs. 

Office Number: (760) 345-9200

 

Coachella Valley SCORE

The SCORE program offers free business mentoring, training, and other resources through their website.  

Office Number: (760) 773-6507

 

For continuing updates, visit our COVID-19 webpage HERE.

Tags: resident, coronavirus, covid-19