Following 1.9 million unemployment claims in March alone, California is allocating $50 million for loan guarantees to small businesses to help eliminate barriers to capital for individuals who do not qualify for federal funds, including low wealth and undocumented immigrant communities. This “microlending” program through the California Infrastructure Economic Development Bank, aka the “IBank.” This is to help cover the gap of businesses that cannot receive help through the CARES’ Act’s Paycheck Protection Program. If you are applying for the PPP, your are exempt for applying to this program. Still, other programs may be available. Contact our form for more info or visit SBA.gov.
Applications for California’s new program will open Friday, April 3, 3030, and will be available through the state’s coronavirus portal at https://covid19.ca.gov/.
More details: https://www.gov.ca.gov/2020/04/02/governor-newsom-announces-new-help-for-small-businesses-workers-displaced-by-covid-19/