Coronavirus (COVID-19) Updates and Resources
Lake Forest Economic Development continues to be a resource for all businesses within our community during the COVID-19 pandemic. Economic Development will continue providing resources relevant to the businesses community such as loans and grants from the Federal Government and the State of California, County resources, and updates regarding COVID-19 impacting our local economy. Economic Development will continue updating this page with new information. In addition, we are posting information on all our social media pages: https://www.facebook.com/LakeForestBusiness/; https://www.linkedin.com/in/lakeforesteconomicdevelopment Please follow Lake Forest Economic Development on social media for more updates.
Click on the tabs below for additional information:
- Federal Resources
- State Resources
- Local Resources
- Promote your Business
- Assistance for Residents
- COVID-19 Newsletters
Federal Loans and Grants
Coronavirus Aid, Relief and Economic Security (CARES) Act: The Coronavirus Aid, Relief and Economic Security Act provides up to $350 billion in assistance to small businesses through emergency grants, forgivable loans and relief for existing loans. The CARES Act includes four programs designed to help small business:
SBA’s Economic Injury Disaster Loan program 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.
Small businesses are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000 which does not have to be repaid and may be issued regardless of whether you qualify for a loan. Please make sure you request the advance as part of your loan.
Small businesses and eligible nonprofit organizations, veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Eligible recipients may qualify for a loan up to $10 million determined by eight weeks of prior average payroll plus an additional 25% of that amount. The SBA will defer loan payments for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds used to cover the first eight weeks of payroll and certain other expenses following loan origination.
Express Bridge Loan: SBA introduced a new loan for small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000. These loans can provide economic support to small businesses to help overcome a temporary loss of revenue and can be used a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
SBA Debt Relief: SBA will pay the principal and interest of current 7(a) loans for a period of six months and will pay the principal and interest of 7(a) loans issued prior to September 27, 2020.
Disaster Loan Program: SBA is providing low-interest disaster loans for working capital to small businesses suffering substantial economic injury as a result of coronavirus. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Apply online and check application status.
Capital Loans: SBA works with lenders to provide loans to small businesses. The agency doesn’t lend money directly to small business owners but sets guidelines for loans made by its partnering lenders, community development organizations that makes it easier for small businesses to get loans. Loans guaranteed by the SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital.
State Loans and Grants
Disaster Relief Loan Guarantee Program: California’s Infrastructure and Economic Development Bank is issuing loan guarantees of up to 95 percent of the loan through its partner Financial Development Corporations. This program will help lenders and small businesses by providing loan guarantees of up to $1 million for small business borrowers in declared disaster areas.
California Capital Access Program: Office of the California State Treasurer is offering a small business loan program with special disaster assistance.
Jump Start Loan Program: Loans ranging from $500 to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas.
Additional State Resources:
CA Governor’s Office of Business and Economic Development - Information for employers, employees and all Californians.
CA Department of Public Health - Health updates
CA Department of Labor & Workforce - Guidance for employers and workers
Office of the Small Business Advocate - Resources by region
CA Infrastructure and Economic Development Bank (IBANK) - Disaster & jump start loans
CA Treasurer’s Office - Capital Access Program (CalCAP)
Franchise Tax Board - Special tax relief
CA Department of Tax and Fee Administration - Tax assistance and relief
Local Loans and Grants
The County of Orange has requested approval from the Governor’s Office to authorize additional businesses identified in Stage 2 to reopen with modifications.
C-19 Emergency Relief Working Capital Loan: CDC Small Business Finance is offering working capital emergency loans from $20,000 to $150,000 for California businesses. These loans can be used to cover payroll, rent or mortgage, utilities, insurance and more.
C-19 Emergency Relief Microloan: CDC Small Business Finance is offering emergency relief microloans up to $50,000 available only to California businesses. There is no payment requirement for the first 90 days of this loan.
Subscribe to the Lake Forest Economic Development Newsletter: Local business news
City of Lake Forest Alert Center: Information on county and state updates
Nixle - City of Lake Forest Text Alerts: Subscribe for text alerts
Orange County Health Care Agency: Updates on community measures, case status, and health guidelines
Lake Forest Chamber of Commerce - Local business resources
Take-Out-Tonight is a free program being offered by the Lake Forest Economic Development to promote your business on this website and through social media. To be included on this list, please contact Lake Forest Economic Development at email@example.com or call 949-461-3569. For list of Lake Forest restaurants offering take-out and delivery, please click on the logo below:
Promote Your Business
Lake Forest Economic Development promotes local businesses through our website and social media including our Facebook, LinkedIn, and Instagram pages. Economic Development is currently promoting our restaurants through our Take-Out-Tonight marketing program. This is a free program designed to drive foot-traffic to your business. The City, along with the Lake Forest Chamber of Commerce will actively promote and market restaurants offering take-out and delivery services. If you would like your restaurant to be included in this promotion, please email us at firstname.lastname@example.org
For tips to improve your social marketing presence, please review the following course offered by the Small Business Administration: https://www.sba.gov/course/social-media-marketing/
Lake Forest Economic Development partners with SCORE to provide one-on-one business counseling and mentorship services. SCORE will continue providing services to the business community via telephone, video, or email.
Assistance for Residents Seeking Employment
OnwardCA: The State of California launched this new website to assist employees impacted by coronavirus. OnwardCA is an initiative of companies, foundations, and individuals to help workers displaced by coronavirus connect to essential life services and get back to work as quickly as possible.
The Orange County One-Stop provides comprehensive employment and training services, including a Resource Center with access to computers, fax machines, copiers, and telephones. Other services include a resume distribution program; a career resource library, labor market information, networking opportunities, job search workshops, on-site interviews with local employers, transferable skills information, job leads, and training programs.
Unemployment Insurance (UI) Claim provides partial wage replacement benefits payments to workers who have lost their jobs or have had hours reduced through no fault of their own.
Disability Insurance (DI) claim provides short-term Disability Insurance (DI) wage replacement benefits to eligible workers. You may be eligible if you are unable to work and are losing wages because of your own pregnancy, childbirth, or non-work-related illness or injury. The State now waives the one-week unpaid waiting period, so you can collect Disability Insurance benefits for the first week you are out of work.
Paid Family Leave (PFL) claim provides up to six weeks of benefit payments to eligible workers who have a full or partial loss of wages because they need time off work to care for a seriously ill family member or to bond with a new child.
Unemployment Insurance (UI) claim: If your child’s school is closed, and you have to miss work to be there for them, you may be eligible for Unemployment Insurance benefits. The California Employee Development Department prepared an informative tutorial to assist you.
Federal and National Resources
- CARES ACT - Learn more about the EIDL and Paycheck Protection Programs
- CDC Interim Guidance & Recommendations for Business and Employers - Plan, Prepare & respond to COVID-19
- SBA Small Business Guidance and Loan Resources / SBA Disaster Assistance Program - Low-interest disaster loans
- U.S. Chamber of Commerce Updates & Resources for Small Businesses - Resources for small businesses
- U.S. Chamber of Commerce Updates & Resources for all Businesses - Resources for all businesses
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State of California Resources
- CA Governor's Office of Business and Economic Development - Information for employers, employees and all Californians.
- CA Department of Public Health - Health updates
- CA Department of Labor & Workforce - Guidance for employers and workers
- Office of the Small Business Advocate - Resources by region
- CA Infrastructure and Economic Development Bank (IBANK) - Disaster & jump start loans
- CA Treasurer's Office - Capital Access Program (CalCAP)
- Franchise Tax Board - Special tax relief
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- Subscribe to the Lake Forest Economic Development Newsletter - Local business news
- City of Lake Forest Alert Center - Information on county and state updates
- Nixle - City of Lake Forest Text Alerts - Subscribe for text alerts
- Orange County Health Care Agency - Latest updates on community measures, case status, and health guidelines
- Lake Forest Chamber of Commerce - Local business resources @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>