In this Must Know…
- CA Relief Grant Program – Round 1 Ends
- Paycheck Protection Program – Round 2 Updates
- ICYMI: FY2020-21 Federal Budget
- This week’s Goodie highlight is the Department of Labor’s final rule on the standard for employee versus independent contractor status.
CA Relief Grant Program – Round 1 Ends
The first round of applications for the California Small Business COVID-19 Relief Grant Program officially closed yesterday. They are working with a few lingering applicants. Applicants who are selected to receive a grant will be notified between January 15 and January 22, 2021. Check spam folder! Be patient, dispersal of funds will start on January 22 and continue over a 45-day period.
Those applicants that are not awarded a grant in this round will be moved to Round 2, which opens at 8:00am on February 2, 2021 and goes until 6:00pm on February 8, 2021.
We are holding a Train-the-Trainer webinar on January 21, 2021 at 10:00am PST for those members that didn’t participate in this first round or want more training and knowledge on how to best prepare your clients (note: this training is for business coaching staff, not business owners).
Paycheck Protection Program
SBA will reopen the Paycheck Protection Program to small lenders tomorrow and to all lenders on Tuesday, January 19.
Yesterday, we held a Listening Session where we dove into this new round of PPP and how it differs from the first round. You can watch the recording here, and check out our COVID-19 Resources page for the latest updates from SBA and Treasury.
ICYMI: FY2020-21 Federal Budget
The $900 billion FY2021 Omnibus Appropriations bill that passed last month includes $12 billion in emergency COVID-19 relief programs for CDFIs. CAMEO’s FY2021 funding requests were met for several programs. Some highlights:
- Microloan Program for Technical Assistance (SBA) – $35 million
- WBCs (SBA) – $23 million
- SBDCs (SBA) – $136 million
- Veterans Business Outreach Centers (SBA) – $14 million
- Rural Microentrepreneur Assistance Program (USDA) – $6 million
For Your Clients
- Ascent is SBA’s new online digital learning platform for women small business owners.
- REDF’s interactive virtual lab for employment social enterprise leaderstakes place January 15 and February 19, 2021 from 10:00am to 1:00pm PST.
- SBA Office of Advocacy published Do Banks Lend Where They Borrow? A Study On Local Small Business Lending In The U.S.
- The U.S. Census Bureau released its first batch of data from the new Nonemployer Business Owner Demographics series.
- Industry News: The U.S. Department of Labor announced a final rule clarifying the standard for employee versus independent contractor status under the Fair Labor Standards Act.
- Jobs: TMC Community Capital, MEDA, and Renaissance announced new jobs recently. See who else is hiring!