Downtown Santa Monica's heart and soul are the amazing businesses and their employees who show up to work everyday, cooking us meals, helping us stay in shape or providing us with the clothes, medicines and other products and services we need.
We've gathered a list of organizations offering economic resources and programs for local businesses and will be updating it regularly. To request that a resource be added to the list, email email@example.com with the name and URL.
The California Employment Development Department manages support services for employers and employees who are facing loss of hours or jobs, including the Unemployment Insurance Work Sharing Program, Disability Insurance, Paid Family Leave, and tax assistance.
For low-interest and potentially forgivable loans from the federal government, there are two main options:
The U.S. Small Business Administration (SBA) provides low-interest Economic Injury Disaster Loans, which can be applied for immediately. The SBA is now providing a $10,000 advance to businesses that apply, which will be forgiven if spent on payroll and other operating expenses.
The Paycheck Protection Program (PPP) is a newly-instituted option under the federal stimulus package. This loan is extremely low interest and can be forgiven if funds are used for payroll, interest from mortgage, rent, and utilities through an 8-week period. PPP loans will be facilitated through local banks that are eligible lenders - start by reaching out to your bank partner to ask about it. Here is a helpful guide.
With so much information out there it can be difficult to know which business assistance loans to apply for. DTSM Economic Development Manager Andrea Korb has put together this guide on which loans are best depending on your circumstances. You can reach Andrea at firstname.lastname@example.org.
Call the Los Angeles Regional Small Business Development Center (LA SBDC) at 562.938.5020 or 866.588.SBDC (7232), toll free, for free assistance with these loan options and questions regarding supply chain disruption and liability, technology plans for setting up remote work stations for employees, concerns about cash flow during disruption, and concerns about credit and finance issues.
The City has placed a temporary moratorium on evictions for commercial tenants who cannot pay rent due to COVID-19. For more information, see Commercial Eviction Moratorium FAQs and Sample Request for Protection Form.
Click here to learn more about what COVID-19 means for your property taxes.
For additional resources, see City of Santa Monica Business Resources.