Coronavirus (COVID-19) Updates and Resources

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CARES Act

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:

  1. Federal Resources
  2. State Resources
  3. Local Resources
  4. Promote your Business
  5. Assistance for Residents
  6. 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:

Economic Injury Disaster Loans and Loan Advance

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.

Paycheck Protection Program

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. 

Federal and National Resources

State of California Resources

Local Resources