Financial Relief & Updated SIP Order

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Financial Relief & Updated SIP Order

Financial Relief for Businesses & Updated SIP Order

These last few weeks have been trying times for many of our members and we are committed to helping you find the necessary resources you need to stay open or re-open. If your business sells a product or service that is in demand now and you are having trouble connecting with the right buyers, please let us know so we can put you in touch with the appropriate contacts. Recently we have had members pivot their product offerings and we have been able to put them in touch with buyers at the county and state level.

The Shelter-In-Place order has been refined and extended until May 3rd.

•    Click here for an overview of the new order
•    Click here to view the order in its entirety
•    Click here for FAQ’s relative to the Shelter in Place Order

SOMETHING TO LOOK FORWARD TO:

The Chamber has been able to coordinate with the City of Brisbane to request the Thursday afternoon Farmer’s Market return early this year so Brisbane residents may access fresh produce without leaving town. The Farmer’s Market returns April 2nd from 3-7PM at the Community Park. Only 1-2 shoppers will be allowed in each tent at a time. Vendors will bag the items and direct handling of produce by shoppers will not be permitted. This is an excellent way to support our local farms.

Many thanks go to SAMCEDA who have helped us compile the following resources for you to access:

ACTIONS YOU CAN TAKE TODAY:

•   We encourage you to review the following steps to help better navigate this time of uncertainty:

•   Have you reviewed revenue and expenses and cut everything non-essential today to survive the next 30-60-90 days?

•   Can you take your business online, offer take-out/delivery, provide consulting services or online classes via video conferencing?

•   Are you equipped to take online payments through companies like
     –  Stripe or
     –  Paypal

•   Have you contacted your landlord or your mortgage lender to determine your options to defer payments or make partial payments until
after the shutdown order is lifted?

•   Have you contacted your accountant and/or business attorney to discuss how to help your employees through continued payroll or unemployment benefits?

•   Have you contacted your bank/financial institution to see what they are offering: business line of credit, short term loans, etc.?

PAYCHECK PROTECTION PROGRAM:

The Payroll Protection Program is the Small Business Administration’s $349 billion lending program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The new Paycheck Protection Program expands the SBA’s 7(a) loan program to help small businesses cover their near-term operating expenses and retain employees. This program has the capacity to provide some of the best relief for businesses. If payroll is maintained, loans will be forgiven. Loans will be made directly with banks so we urge you to reach out to a lender. The Payroll Protection Program can cover expenses such as payroll, sick leave, insurance, rent, mortgage, utilities, and interest on existing debt. For more information, visit the links below:     –

•   Paycheck Protection Program (PPP) – Overview

•  Paycheck Protection Program Application for Borrowers

•   Paycheck Protection Program (PPP) Information Sheet: Lenders

•   Paycheck Protection Program (PPP) Information Sheet: Borrowers

•   Paycheck Protection Program FAQs for Small Businesses

SMC STRONG FUND:

The SMC Strong Fund, established by the San Mateo County Board of Supervisors aims to provide financial relief to small businesses, non-profits, and SMC residents who have experienced a loss of income due to COVID-19. Awards of up to 10k will be made in the form of grants and do not need to be repaid. The Board of Supervisors will be reviewing a draft application next week on 4/7. In the meantime check out the FAQ’s for more information.

•   Click here for SMC Strong FAQs

FEDERAL LOAN AND RESOURCE LINKS:

•   Small Business Administration (SBA): Coronavirus (COVID-19): Small Business Guidance & Loan Resources

•   Small Business Administration (SBA): COVID-19 Economic Injury Disaster Loan Application

•   Center for Economic and Policy Research (CEPR): Federal Stimulus FAQ

SAN MATEO COUNTY LINKS:

•   Click here to access SAMCEDA’s Comprehensive Financial Relief Resources List

•   Click here for SAMCEDA’s Business Resources Page

CREDIT UNION COVID-19 RESOURCE LINKS:

•   Golden 1 Credit Union

•   Patelco

•   Provident Credit Union

•   San Mateo Credit Union

–  COVID-19 Resources

     –  Mortgage Deferral

     –  Work Reduction Loan

•   Stanford Federal Credit Union

BANKS/OTHER FINANCIAL INSTITUTION RESOURCE LINKS:

•   Bank of America

•   JP Morgan Chase

•   Wells Fargo

•   Union Bank

•   Heritage Bank

•   Beacon Business Bank

•   US Bank

CHANGES TO UNEMPLOYMENT:

Unemployment assistance will now be offered to those who are self-employed or who are independent contractors, meaning many individuals who would not have qualified under previous guidelines, now do. Unemployment assistance has been extended to up to 39 weeks and the maximum pay has increased from up to $450 a week to up to $1050 a week.

•   Click here to file for unemployment

We are here to advocate on your behalf, please don’t hesitate to reach out for help. If you need
assistance contact CEO of the Brisbane Chamber of Commerce, Madison Davis at
415-706-5276 or madison@brisbanechamber.org