The Los Angeles County Department of Public Health announced plans to revise the Safer-At-Home order to allow some low-risk retailers to reopen for curbside pick-up starting Friday, May 8, 2020. Some outdoor parks and recreational facilities will be allowed to reopen as well. For additional information and for a list of businesses that will be allowed to reopen click here.
On April 24, 2020 the federal government passed new legislation to replenish small business loans programs while also providing crucial support for workers and healthcare providers to recover from the economic fallout of the coronavirus pandemic. The Paycheck Protection Program and Health Care Enhancement Act specifically provides:
- $320 billion in additional funding for the Paycheck Protection Program (PPP)
- $60 billion more for the Small Business Administration's (SBA) Disaster Loan Program
- $75 billion for hospitals and healthcare providers
- $25 billion for ongoing coronavirus testing efforts
Small business owners who have not applied for the PPP are able to apply with new funding available via eligible lenders beginning Monday, April 27th at 7:30 AM.
For detailed information on appropriate PPP lenders and/or applying for the Paycheck Protection Program and Economic Injury Disaster Loan, visit the Small Business Administration's website.
In a continuing effort to slow the spread of novel coronavirus, the County of Los Angeles Department of Public Health (which includes City of El Segundo) issued a revised "Safer at Home" order which goes into effect April 15th at 11:59 p.m. The order includes additional provisions and has been extended through May 15th.
Owners, managers and operators of essential businesses should be aware of and comply with the revised county-wide order, including:
- Businesses must implement all applicable measures listed on Appendix A: Social Distancing Protocol (Pages 9 - 11) and post a copy of Appendix A at each public entrance of the facility for the public and employees to read.
- Essential businesses are required to provide a cloth face covering to all of their employees to wear while performing duties that involve contact with other employees and/or the public.
- Members of the public are also required to wear face coverings to enter essential businesses.
- All public and private gatherings of any number of people occurring outside a single household or living unit remain prohibited.
- Non-essential businesses must remain closed, along with beaches, trails, parks and trailheads.
- The Order requires all essential businesses to implement the new measures by no later than 11:59 p.m., April 15, 2020.
Main Street Lending Program
On Thursday, April 9th, 2020 the Federal Reserve announced additional actions to provide up to $2.3 trillion in new financing to further support medium-sized companies, state and local governments during the coronavirus pandemic. The Main Street initiative intends to compliment the program measures under the Coronavirus Aid Relief and Economic Security Act (CARES).
Businesses with up to 10,000 employees or with revenues of less than $2.5 billion for 2019 are eligible. Business applicants must be created or organized in the U.S. or under the laws of the U.S. with significant operations in and a majority of its employees based in the U.S.
More information available at FederalReserve.gov
CARES Act: What it Means for Businesses and Individuals
On Friday, March 27th, 2020 the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The $2 trillion stimulus legislation aims to provide economic relief to small businesses, distressed industries, individuals and other groups following the unprecedented impact of the coronavirus outbreak on the American economy and communities.
What it means for small business owners:
One of the core measures of the CARES Act is the Paycheck Protection Program (PPP). This is a nearly $350 billion loan program meant to offer relief to small business owners, primarily to keep employees on payroll and cover other critical expenses. Importantly, a portion of these loans may be forgiven so long as businesses continue to pay payroll costs, rent and utility payments.
For assistance navigating loan eligibility and answers to frequently asked questions, companies are encouraged to visit the Small Business Administration website SBA.gov, which provides information on COVID-19 related programs, including the Paycheck Protection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief.
Download The Emergency Loans Small Business Guide PDF
What it means for large corporations:
Part of the stimulus package authorizes roughly $500 billion in loans and other investment options for big corporations. The CARES Act extends funds to help airlines, aviation businesses and other infrastructure sectors. These loans are subject to multiple conditions, restrictions and do not include a mechanism for forgiveness.
What it means for workers and individuals:
The CARES Act provides moderate-to-low-income individuals a direct cash payment of $1,200 ($2,400 for joint taxpayers) and $500 for each dependent child.
Additionally, the stimulus legislation temporarily expands unemployment benefits to individuals not traditionally eligible for unemployment benefits and who are unable to work as a direct result of COVID-19, such as self-employed workers, freelancers and independent contractors.