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Financial Assistance & Resources for Businesses

County Board of Supervisors Approves Moratorium on Residential and Commercial Evictions

On March 24, the Santa Clara County Board of Supervisors passed an Urgency Ordinance establishing a moratorium on residential and commercial evictions resulting from a substantial loss of income caused by COVID-19.

The moratorium applies to all cities countywide and is supported by the Governor’s order issued on March 16, 2020. The County’s moratorium will last until May 31, 2020, and can be extended if the Governor revises his statewide order beyond May 31.

The County Counsel’s office will soon be issuing a set of frequently asked questions for both landlords and tenants about how the ordinance will be implemented and what the dispute resolution process will be. It is important to note that nothing in the ordinance relieves a tenant of the obligation to pay rent or restricts a landlord’s ability to recover rent due. The measure does, however, prevent evictions from occurring in the midst of this crisis. Updated information will be provided when it becomes available. Key aspects of the ordinance include:

  • Prohibits eviction for failure to pay rent for renters financially affected by the COVID-19 crisis
  • Applies to renters who can document “substantial loss” as a result of the COVID-19 crisis
  • Applies to both residential and small business commercial rentals
  • Property owners cannot charge or collect late fees for rent delayed while the ordinance is in effect and 120 days after its expiration
  • Lasts through May 31

More information and the full text of the ordinance is available from the County Board of Supervisors

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Small Business Administration (SBA) Economic Injury Disaster Loans

The entire State of California is now designated as eligible for assistance. Interested businesses are encouraged to apply sooner rather than later as applications will be processed on a first-come-first-serve basis. SBA’s Office of Disaster Assistance is rapidly ramping up and will do its best to respond to demand.

The Coronavirus Preparedness and Response Supplemental Appropriations Act authorizes use of the Small Business Administration’s economic injury program to serve impacted small businesses in light of economic impacts caused by COVID-19. Through this program, the SBA can provide Economic Injury Disaster Loans (EIDL) up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Loan terms will not exceed 30 years.

On March 16, the SBA announced an economic injury disaster incident has been declared in California. Small businesses, small agricultural cooperatives and most private non-profit organizations in Santa Clara County can apply for loans if SBA determines businesses are unable to obtain credit elsewhere. The incident period is retroactive to January 31, 2020 and continuing to a future date to be determined. The application deadline is December 16, 2020. Access documents, instructions and additional information under the “Files” heading on the Disaster Declaration Details web page for details related to this specific declaration. Access the SBA’s Disaster Loan Assistance Application to get started. Applicants must select “Economic Injury” when beginning the application process.

Free assistance with reconstructing financial records, preparing financial statements and submitting the loan application is available from any of SBA’s partners: Small Business Development Centers (SBDC’s), SCORE, Women’s Business Centers (WBC), and Veteran’s Business Outreach Centers. Click below to learn which local SBA partner organizations are providing these services:

Local SBA partners providing loan assistance More infromation about SBA partners is available under the Local Resources tab.

The SBA advises small business owners to track costs related to declines in revenue, employee sick time and other disruptions to their businesses as a result of COVID-19 impacts. Please have current financial statements available such as current bank statements when preparing an application. SBA Form 1368 provides information needed to apply for an economic injury disaster loan. Examples of covered losses include:

  • Loss of revenue from operations
  • Loss in working capital unavailable from other sources
  • Loss during the incident period

Login or register for a SBA Disaster Loan Assistance account. Account access may experience increased volume resulting in latency for users. Select “Economic Injury” when beginning the application process.

Resources

Read the SBA Economic Disaster Injury Loan Process which explains:

  • Eligibility criteria
  • Application requirements
  • Screen shots and instructions on how to apply
  • SBA Partner Organizations Offering Assistance
  • Small Business Development Center of Silicon Valley 

Loan and Grant Opportunities

Contact

Michael Thomas, Economic Development Specialist

Phone: 408-866-2192  Email: michaelt@campbellca.gov