SAMCEDA guiding local small biz on federal stimulus, resources

SAMCEDA guiding local small biz on federal stimulus, resources

in Community/Featured/Headline

For San Mateo County small businesses needing to find a way to pay staff and the rent during the COVID-19 crisis, help is just a mouse click away.

The San Mateo County Economic Development Association (SAMCEDA), designated as San Mateo County’s business lead in the COVID-19 crisis response, released a COVID-19 Business Continuity Action Plan – 1.0 this week to help small businesses best take advantage of resources available to them, including the $349 billion Paycheck Protection Program (PPP), part of the historic $2 trillion federal emergency aid package.

The PPP provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities, according to the U.S. Dept. of the Treasury.

While the funds will certainly be helpful to small or medium-sized business owners or operators, “it will take several weeks to several months for all of the money to get in the hands to those who need it most,” SAMCEDA cautions.

In the meantime, SAMCEDA’s website and action plan provides business owners with a checklist and wealth of relevant links designed to ensure they tap all possible resources available to them to sustain their businesses, including the PPP.

Beginning in early March, SAMCEDA created an extensive resources portal at its website, SAMCEDA is also assisting in the development of the San Mateo County Strong Fund, a local emergency aid fund launched by a $3 million County contribution that aims to provide relief to local small businesses, individuals, families and nonprofits.

For daily updates, SAMCEDA is releasing a daily e-newsletter. The organization is encouraging local business owners to complete its Business Economic Impact Survey, which has received over 950 responses to date.

“We recognize, appreciate and understand the uncertainty many of you are facing and want to assure you that the County of San Mateo, SAMCEDA, your Chambers of Commerce and your respective cities and towns are working day in and day out developing solutions,” said to Rosanne Foust, SAMCEDA President and CEO.

Photo credit: US Small Business Association