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Posted by: News_Desk on 12/23/2020 12:17 PM Updated by: News_Desk on 12/23/2020 12:17 PM
Expires: 01/01/2025 12:00 AM
:

New Economic Stimulus Package for Small Business Passed by Congress

San Andreas, CA... On December 20, 2020, Congress passed a new Economic Stimulus Package. Here are some important things that businesses need to know; most important, business funding grants will be on a first come first serve basis, and call your bank tomorrow to find out whether they are participating in funding options like the Paycheck Protection Program (PPP) and/or other grants and loan programs.



If your bank is not participating, you may want to contact the banks below. Staff will continue updating the list status.

 Oak Valley Community Bank - Apply or find info HERE
 Wells Fargo - Apply or find info HERE
 Bank of Stockton - Apply or find info HERE
 US Bank - Apply or find info HERE
 Umpqua Bank - Apply or find info HERE
 Bank of America - Find info HERE
 Chase Bank - Apply or find info HERE
 BBVA – Apply or find info HERE
 Rural Community Assistance Corporation - Apply or find info HERE

Some changes to the program are as follows:

 It would expand eligibility under the program for nonprofits, local newspapers and radio and TV broadcasters.
 A new allocation of $15 billion for performance venues, independent movie theaters and other cultural institutions

Reminder, The PPP is a federal loan program that helps small and medium-sized businesses impacted by the coronavirus (COVID-19) to assist with covering costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt. The loan is an SBA 7(a) loan.

For more information contact Kathy Gallino at kgallino@co.calaveras.ca.us
Features of the PPP Loan were as follows in May of 2020 (indications are that this new package will be the same):

 1.00% fixed interest rate
 Loan amounts up to 2.5 times the average covered monthly payroll costs, not to exceed $10 million
 No fees
 No prepayment penalties
 No business collateral or personal guarantee required
 Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered period after origination
 Payments are deferred for six months

Remember, the State’s Business Resilience Roadmap can be found HERE and contains industry specific guidance and checklists for businesses reopening safely.

Additionally, the Calaveras County/City of Angels Camp Business Resource Guide is located HERE and is packed with information and resources. Lastly, information on government programs designed for employers and workers supporting sick leave and worker’s compensation regarding COVID-19 ca be found HERE.

For more information contact Kathy Gallino at 209-754-6742 or by email at
Kgallino@co.calaveras.ca.us


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2020-12-23 13:48:06   By: Anonymous
 
Well, the big p _ _ just vetoed it!

[Reply ]

    Defense Bill vetoed
    Posted on: 2020-12-23 14:09:50   By: Anonymous
     
    A-hole just vetoed the defense bill, not the BS scam Covid bill.
    In the Covid bill, the Billionaires got more $ than the people hurting. With 5,300 pages, there's so much corporate, wealthy socialism it is disgusting.
    The Republicans take the cake on corporate welfare.

    [Reply ]

      Re: Defense Bill vetoed
      Posted on: 2020-12-23 17:42:55   By: Anonymous
       
      You are right on there. However , there are so many working people I desperate financial straits, facing eviction and hunger, it is arguably something that needs to be down now., even if the wealthy get undeserved profits. Pass it now and Biden can recoup the unearned profits from the super rich with tax changes.

      [Reply ]

        Re: Defense Bill vetoed
        Posted on: 2020-12-23 17:45:23   By: Anonymous
         
        Sorry for the typos. Still, the Repubs and their masters the super wealthy, generally don’t do anything for the nation without extracting greater benefit for themselves.

        [Reply ]

Trump supporters
Posted on: 2020-12-23 18:22:57   By: Anonymous
 
Trump supporters are you proud of your president?

[Reply ]

    Re: Trump supporters
    Posted on: 2020-12-23 22:01:03   By: Anonymous
     
    My guess is most of them still believe he is god’s chosen one sent here to save the country from communists, socialists, and immigrant minority’s. In reality he is serving himself , his family, and the super wealthy. Oh, and helping Putin , don’t forget.

    [Reply ]

      Re: /\/\ My guess is...
      Posted on: 2020-12-24 22:32:46   By: Anonymous
       
      Go Trump 2020! Lets MAGA!

      [Reply ]

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