05/27/2021

COVID Funding Opportunities


We are beginning to return to some semblance of normalcy (May 27, 2021) but there are still small business funding sources available, including:

  • The SBA EIDL loan program is still active and taking new applications, as well as reconsideration requests to increase a current EIDL.

    • The EIDL maximum loan has been expanded from $150K to $500K for both new applications and current borrowers who want to increase their current EIDL loan.

    • Application to funding runs from several days to three weeks, depending on the size of the loan.

    • The EIDL loan program is open until 12/31/2021 or until funds run out.

Note – since the inception of the EIDL loan program, when meeting with your local bank Loan Officer about a loan, he or she may ask, “Have you taken out an EIDL loan yet, it’s the best deal availableâ€.  For a program overview and to apply –   COVID-19 Economic Injury Disaster Loan (sba.gov)

  • Your local Banker: local banks are still making loans to their qualifying small business clients.

  • CDFIs or Community Development Financial Institutions:  these are organizations that receive federal funds to loan out to underserved and/or distressed businesses.  Our local CDFI is the Economic Development & Financing Corporation located in Ukiah.  No loan is too small. For more information and to apply – EDFC – Economic Development & Financing Corporation

  • ERC – Employee Retention Credit: receive payroll tax credits for 2020 and 2021.  This allows you to free up capital that would otherwise be earmarked for taxes.

How the Updated Employee Retention Credit Works and How To Get It (investopedia.com)

Employee Retention Credit | Internal Revenue Service (irs.gov)

Contact West Center at 707.964.7571 for any additional assistance, including:

  • Human resources issues

  • Pricing issues

  • Social media marketing

  • Conversion to an online store or marketplace

  • Business plan and financials

  • Buy or sell a business

  • Marketing plan

  • Restaurant operations and menu pricing

  • Artist community – marketing and pricing

  • Kitchen to market and cottage food industry licensing and distribution

  • Publishing

  • Import and export support

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