Through the signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, $2 trillion was set aside to provide relief to people and businesses impacted by the coronavirus pandemic.
Within that package was the $349 billion Paycheck Protection Program, an emergency loan program to help small businesses.
“These loans will bring immediate economic relief and eight weeks of financial certainty to millions of small businesses and their employees,” said Small Business Administration (SBA) Administrator Jovita Carranza in a press release. “We urge every struggling small business to take advantage of this unprecedented federal resource – their viability is critically important to their employees, their community, and the country.”
In addition to the Paycheck Protection Program, the SBA is helping Americans secure other relief options as well as continuing to provide small businesses with low- or no-cost consulting services through their resource partners, like the Small Business Development Centers (SBDCs).
The Orange County Inland Empire (OCIE) SBDC Network, of which the SBDC @ UCI Beall Applied Innovation is a part, has provided consulting and dedicated training to thousands more than average, amid California’s mandatory stay-at-home order. According to their numbers, while they typically assist around 5,000 clients annually, they have helped about 3,500 clients in the last four weeks alone.
“This is why the SBDC exists,” said Michael Daniel, Regional Director of the OCIE SBDC Network. “We’re here to help through step-by-step guidance on loan applications – on what’s available and how to get it, employee resources and even preparing business owners for the next phase to reopen when the shelter-in-place order is lifted.”
The OCIE SBDC Network, with its service and outreach centers, is helping business owners and entrepreneurs find information and relief despite economic uncertainty. This enormous effort is made possible by the SBA, the state of California, host institutions, grant funding, and the network’s hardworking staff and consultants.