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An Update on Economic Stimulus Information

I wanted to check in to update you with the most recent information, as a follow up to my April 2nd post below. Recently, I provide you information about Gov Newsom’s early April announcement that $50 million in funds is set aside for California businesses that are unable to get federal assistance. Here’s the website for that, which out front does NOT indicate you cannot apply unless Fed aid is denied. Therefore, we will be applying at I-bank for all our clients who have requested that we do their applications, and you should log in here and do so for your business: https://ibank.ca.gov/ Please remember: “…..my number one recommendation is that you have a plan with a budget, and that you review, analyze, and update that as new information comes in and as you experience your business re-build. Your first step, before considering any loan, bailout, credit or otherwise is to know how you will continue profitably, or how you will return to profitability, and remain profitable enough to continue once the assistance is exhausted.” If you haven’t done so already: #1 “….my recommendation is that all businesses who pay employees, and independent contractors, should apply for this forgivable loan….” And ASAP, inasmuch as each bank has limited funds. Apply online with your bank; many banks ask you to login to online banking first. And #2: Every business should be applying for the Economic Injury Disaster Loan [EIDL] to borrow funds at an unprecedented business rate of 3.75% paid back over a period of up to 30 years. https://covid19relief.sba.gov/#/ At the same time, apply for anything your State offers to business.

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