Small Business Administration Archives

Feds offer loans to those harmed by California oil spill

October 28, 2021 — The federal government will offer disaster loans to businesses harmed by an oil spill that shut down Southern California shorelines earlier this month, it was announced Wednesday.

The U.S. Small Business Administration approved disaster assistance in the form of low-interest loans for Orange County, where the spill took place, along with nearby Los Angeles, Riverside, San Bernardino and San Diego counties.

The agency declared an “economic injury disaster” for the counties, making loans available for small businesses and agricultural cooperatives and private, non-profit organizations.

The deadline to apply for the loans is July 27, 2022. Applicants can sign up online at: https://disasterloanassistance.sba.gov/.

Read the full story from the Associated Press

Paycheck Protection Program extended again, allowing more 1099 claims

July 2, 2020 — As the deadline for the Paycheck Protection Program’s small business extension drew to a close this week, Congress scrambled to approve an extension of the program to Aug. 8. Meanwhile, fishing businesses hurried to submit applications under the original deadline as new guidelines opened a door to the industry.

On Thursday, June 25, the Small Business Administration announced that the loan program, which was established as part of the CARES Act, would be expanded specifically to address a gap for the commercial fishing industry to include filings for 1099 workers.

“Extending the program to fishermen impacted by the pandemic will be a critical lifeline so they can continue to provide Americans with the safest, most sustainable seafood in the world,” said Leigh Habegger, executive director of Seafood Harvesters of America.

But the application deadline was Tuesday, June 30, giving the industry just four business days to collect paperwork and file — at the height of the summer season.

Read the full story at National Fisherman

Feds in Last-Minute Move OK Fishing Boat Owners for COVID Loans

June 29, 2020 — The Small Business Administration announced Thursday that owners of commercial fishing vessels are now eligible to apply for Paycheck Protection Program (PPP) loans — giving them only three business days to get their paperwork in before the program expires at the end of the month.

The PPP program was designed to let small business owners keep workers on payroll during the COVID-19 pandemic. The loans can be fully forgivable if the recipient uses at least 60 percent of the funding to pay workers.

Advocates for the fisheries on Friday praised the move from the SBA while encouraging fishing boat owners to hustle on down to their local banks to get their applications in. All PPP loans must be approved no later than than June 30.

“We’re hearing that many banks stopped taking PPP loan applications on Friday,” said National Coalition for Fishing Communities Executive Director Robert Vanasse. “With this news from the SBA, we hope that local banks will extend that window until Tuesday.”

Read the full story at WBSM

SBA expands PPP loan eligibility to more fishing vessel owners

June 26, 2020 — The U.S. Department of Treasury and the Small Business Administration announced on Thursday, 25 June, that commercial fishing vessel owners are now eligible to apply for Paycheck Protection Program (PPP) loans.

The loan program is a COVID-19 relief initiative designed to enable small business owners to keep workers on the payroll as the coronavirus impacted their operations. The loans can be fully forgivable if the recipient uses at least 60 percent of the funding toward paying workers.

Read the full story at Seafood Source

Small Business Administration and Labor Department Announce COVID-19 Response

March 13, 2020 — The following Small Business Administration (SBA) loan opportunities and new Labor Department guidance announced yesterday by the Trump Administration may be of interest to commercial fishing companies.

The following was released by the SBA:

Small Business Administration Will Provide Disaster Assistance Loans (link)

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Further resources can be found in the attached document as well as on SBA’s website: www.SBA.gov/coronavirus and www.SBA.gov/disaster. The announcement is available here: https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-provide-disaster-assistance-loans-small-businesses-impacted-coronavirus-covid-19

The following was released by the Labor Department:

Department of Labor Announces New Guidance on Unemployment Insurance Flexibilities (link)

Today DOL announced new guidance outlining flexibilities that states have in administering their unemployment insurance (UI) programs to assist Americans affected by the COVID-19 outbreak. States will be able to pay benefits where: (1) An employer temporarily ceases operations due to COVID-19, preventing employees from coming to work; (2) An individual is quarantined with the expectation of returning to work after the quarantine is over; and (3) An individual leaves employment due to a risk of exposure or infection or to care for a family member. In addition, federal law does not require an employee to quit in order to receive benefits due to the impact of COVID-19.The full announcement is available here: https://www.dol.gov/newsroom/releases/eta/eta20200312-0