City of La Verne - Business Resources

City Business Grant
- pdf Grant Guidelines (208 KB)
- pdf Grant Application (274 KB)
Coronavirus (COVID-19): Small Business Guidance & Loan Resources:
Coronavirus Relief/Funding Options (PPP, EIDL & Emergency Economic Injury Grants, Debt Relief, and SBA Express Disaster Bridge Loan)
- SBA Express Bridge Loan & Debt Relief – For existing federal loan holders
- EIDL - Fundede by US Treasury through SBA; covers operating expenses during COVID-19
  - Up to $2 million @ 3.75% for 30 years w/ 11 month deferment
  - Can pay for operational costs (i.e. fixed debt, payroll)
  - May take 5-8 weeks for businesses to hear back re: status of EIDL
  - If businesses applied for EIDL before March 31^st, then the EIDL confirmation should start w/ a “3” – if it does not start with a “3”, then you will need to reapply
- EIDL Advance - $10 billion in new funding
  - Businesses are eligible for up to $10,000
  - of $1,000/employee
  - Advance is forgivable if business is declined for EIDL or if utilized for allowable expenses (i.e. payroll)
  - EIDL advance must be requested in EIDL application (check the box for this) & must be sent within 3 days of application
  - EIDL approval is not required to be approved for an advance
  - If you submitted an EIDL application before March 30, 2020, you must resubmit your application to access the Advance
- PPP - $320 billion in new funding
  - Up to $10 million @ 1% APR for 2 years w/ 6 month deferment
  - Capped at $100k/employee not to exceed $10 million
  - 5x the average monthly payroll costs incurred during the year prior
  - Loans may be forgivable if terms are met
    - Loan forgiveness cannot exceed the principal
    - Amount forgiven is equal to the amount you spend on these items during the 8 week period following date of origination on your loan: payroll, rent, utilities, interest on mortgage
    - 75% of loan must be made to payroll
    - pdf PPP Round 2 Lender List (3.07 MB)

San Gabriel Valley Economic Partnership

COVID-19 Resource Guide for Businesses (Links to Federal, State and Local Resources)

U.S. Chamber of Commerce

Combating the Coronavirus Resource Page
Employee Retention Tax Credit (Includes link to PDF Guide)
Paycheck Protection Program (Includes link to PDF Guide also referred to as “Coronavirus Emergency Loans Small Business Guide and Checklist)
Economic Injury Disaster Loans (Includes link to PDF Guide)

La Verne Chamber of Commerce

Additional Information