Resources for Businesses by Our City

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In the midst of this ever-growing crisis, our incredible Santa Cruz Economic Development Office (EDO) has compiled a list of resources and link to help inform Santa Cruzans about:

  • Funding opportunities for small businesses, locally and nationally

  • Ways to support local businesses (including SCW’s Ride Out The Wave!)

  • Extensions and assistance for taxes, utilities, etc.

  • Unemployment, sick leave, etc.

  • General health and safety info

  • Federal economic relief package 

The site is updated daily. Yet another reason our local EDO is so valuable!

New Funding Opportunities for Small Businesses

Here’s Santa Cruz EDO’s breakdown of the federal government’s CARES package as it related to small business and new funding opportunities through the SBA:

  • Paycheck Protection Program:

    • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.

    • Loan payments will be deferred for six months.

    • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

  • Economic Injury Disaster Loans (EIDL) and Loan Advance:

    • Economic Injury Disaster Loans provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 

    • The Loan Advance will provide up to $10,000 in economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.

    • If you have already applied for a Disaster Loan you can go back into your application to request an Advance Loan as well. 

  • SBA Debt Relief 

    • Under this program the SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.

    • The SBA will also pay the principal and interest of current 7(a) loans for a period of six months.

  • SBA Express Bridge Loans

    • Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans will be repaid in full or in part by proceeds from the EIDL loan.


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