Relief for Small Businesses During COVID-19

1. Relief for Small Businesses During COVID-19 2020 has been one of the hardest years in recent memory on small business owners due to the COVID- 19 pandemic. Slowing the spread has resulted in governments making big decisions, asking residents to respect social distancing and social isolation. Many have made the wearing of masks in public mandatory. Businesses have been forced to close, while some have managed to get their online businesses up and running to stay engaged with their customers and still provide their products with confidence The Federal Coronavirus Relief for Small Businesses was put in place due to the current global pandemic. This includes additional funding towards the Paycheck Protection Program with $60 billion being made available to small businesses through approved lenders. The CARES Act that was passed in late March 2020, is a $2 trillion relief package to help all Americans that have been impacted by the pandemic. It also includes Rubio's Keeping American Workers Paid and Employed Act, a small business emergency plan that can provide over $377 billion towards assisting small businesses during this time. Small business owners in all of the United States have the ability to apply for a low-interest loan as a result of COVID-19. The Small Business Administration is working with state Governors to ensure they provide low interest and targeted loans to small businesses and non-profits on a national scale that have been negatively affected by this virus. The Small Business Administration Economy Injury Disaster Loan program offers working capital loans to small businesses up to $2 million, offering vital economic support, helping small businesses overcome any losses in revenue as a result. Another relief offered to small businesses in the United States is the Federal Income Tax Filing and Payment Deadline was extended. The deadline being pushed back gave small businesses and private individuals an additional three months before they had to submit their returns. The SBA is also offering an Express Bridge Loan program for the small business owner who already has a business relationship with one of the SBA Express Lenders. This enables them to access up to $20,000 without too much paperwork. This loan offers vital economic support, helping overcome temporary financial losses. It is a term loan that can be used to bridge a gap while applying for the Economic Injury Disaster Loan. This can be used to cover any urgent expenses needed to keep your doors open. The Small Business Administration offers a wide range of small business loans to help the business owner overcome any hardships or if they are one of the lucky companies to have pushed through unscathed, then they offer loans to help you expand. When it comes to accepting the SBA options available, you will want to find a reputable banker with experience working with the various Small Business Administration loan options, so you are assured to secure the best option to help you get your business back on track after one of the most difficult years for many small business owners. Ensure you have all your paperwork in order to enjoy a seamless application process. This includes your business plan, personal and business tax returns, bank statements, and financial information. You will

2. have a credit check done on both yourself and the business to show you are not a risk to the bank or the SBA. Consider your options and look at what will assist your business growth in the future. About Us: CalPrivate Bank, formerly San Diego Private Bank, is a leading private bank serving clients throughout California in the United States. This very well-established bank services high net worth individuals and businesses of all sizes. CalPrivate Bank's focus is to provide a Southern Distinctly Different Banking Experience through unparalleled service and creative funding solutions for individuals and businesses with complex financial needs. They offer a wide array of financial services, including checking, savings, time deposit accounts, treasury management and related tools. To find out more, visit https://calprivate.bank/.