IBank Board meeting: On April 22, 2020, the governing board of the California Infrastructure and Economic Development Bank (IBank) will meet to consider new delegation authority. Under the proposed resolution, the IBank Board would delegate its authority to adopt and amend Small Business Financer Center Directives and Requirements to the Executive Director of the IBank. This delegation is being requested by staff in anticipation of additional disaster funds being allocated the Small Business Financer Center for one or more additional disaster response programs, including the potential for a direct loan program and/or program authorized under a new federal State Small Business Credit Initiative-like program. Governor Newsom previously authorized $50 million to be deposited in the IBank’s Small Business Expansion Fund to capitalize a microloan disaster guarantee program. No IBank Board action is necessary as the IBank already has statutory authority to accept disaster funds and establish a disaster loan guarantee program.
Call for Hiatus from New Regulatory Burdens: Economic and business development groups sent a letter to Governor Newsom asking him to suspend, for at least six months, the adoption, amendment, or implementation of new rules not urgently needed to protect public health. The request is an effort to reduce the burden on businesses and encourage growth. Announcement
Trump Exempts Certain Businesses from Import Tariffs: The Financial Times is reporting that President Trump is exempting businesses impacted by COVID-19 from import tariffs.
Update on Unemployment Insurance: California launched a new initiative to expand call center hours at EDD & create a one-stop-shop for benefits including Pandemic Unemployment Assistance. Beginning on April 20 (Monday) the Call Center will be open 7 days a week from 7:00 am to 7:00 pm.
SSA Recipients with Dependents: The IRS has issued an alert and request for help in getting the word out to SSA recipients about completing online documentation in order to receive the additional $500 per dependent through the Economic Impact Payments. Individuals receiving Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return in the last two years, no action is needed to automatically receive their $1,200 payment. However, if these benefit recipients have children who aren’t required to file a tax return, an extra step is needed to quickly add $500 per eligible child onto their automatic payment of $1,200.
Bridging the Digital Divide: The Governor announced commitments from companies, business leaders, and philanthropists to provide Internet access for hundreds of thousands of households and laptops, Chromebooks, and tablets for over 70,000 students. In addition, the California Public Utilities Commission will make $30 million available to help school districts ensure that families have Internet access and computing devices for distance learning. Finally, the California State Transportation Agency will partner with the City of Sacramento to convert and deploy seven transit buses to be used as super hotspots.
Back in Business San Diego: The Regional San Diego Chamber is partnering with the San Diego Tourism Authority and San Diego Regional EDC on the "Back in Business San Diego” initiative to develop an economic framework and provide long-term strategies and best practices to ensure our economic viability. This work will also help San Diego better prepare for future economic disruptions. https://www.sandiegouniontribune.com/opinion/story/2020-04-17/san-diego-economy-back-to-business-coronavirus-commentary
Orange County Business Resiliency Collaborative: The Orange County Inland Empire Small Business Development Center Network and Wells Fargo Corporate Philanthropy and Community Relations Group are pleased to announce the launch of the Orange County Business Resiliency Collaborative (OC SBRC), a new cooperative that aims to galvanize Orange County-based public and private organizations that have the capacity and expertise to support our small businesses during times of business disruption.
Restaurants Still Serving: The California Restaurant Association is maintaining a list of restaurants statewide that are still operating during the coronavirus emergency. Some local organizations are using these lists as a jumping off place for local food purchasing initiatives to say thank you to hospital and other health care workers and to fill-in food access gaps for community members facing food shortages during the stay-at-home order. https://www.calrest.org/sites/main/files/file-attachments/yes_we_are_opened_restaurants_2020.pdf
Business Information Updates: The Governor’s Office of Business and Economic Development has compiled helpful information for employers, employees and all Californians as it relates to the COVID-19 outbreak. They have recently updated and included these resources on a new website dedicated to COVID-19 news. Updates are regularly being made, so do not forget to check-n regularly. https://covid19.ca.gov/business-and-employers/?utm_medium=email&utm_source=govdelivery#top
G20 Suspends Debt Payments: The G20 financial officers met on April 15 and agreed on a coordinated approach for a suspension of debt service payments for the world's poorest countries starting on May 1 until the end of the year. The suspension by the G20 countries was matched by a group of hundreds of private creditors. It was expected to free up more than $20 billion for the countries to spend on fighting the coronavirus outbreak. https://www.reuters.com/article/us-imf-worldbank-china-idUSKBN21Y3KN
IMF Releases COVID-19 Response Package: International Monetary Fund (IMF) rolled out a crisis response package, comprising streamlined procedures; rapid and enhanced access to emergency financing, including a temporary doubling of the annual access limits under the Rapid Credit Facility and Rapid Financing Instrument; liquidity provision through a new short-term liquidity line for members with very strong fundamentals and policies; and debt service relief to the poorest and most vulnerable countries through a reformed Catastrophe Containment and Relief Trust. The next meeting of the IMF is in Washington DC on October 17, 2020.
California Training Institute: The California Workforce Association (CWA) is accepting proposals to offer training and consulting services to the workforce development system in California. The purpose of this RFP is “to provide a fair evaluation for all candidates in order to grow the list of trainers and consultants in key topic areas that can be accessed by California’s workforce development system.” https://files.constantcontact.com/1941c00c001/303c2976-d162-48ba-9a9f-e0a661bf16c8.pdf
HOT LINES FOR FAST SERVICE FOR SMALL BUSINESS COVID-19 CHALLENGES (in case you missed this on Friday)
Norcal SBDC Network: Serving businesses located in Alameda, Amador, Butte, Calaveras, Contra Costa, Colusa, Del Norte, El Dorado, Humboldt, Glenn, Lake, Lassen, Marin, Mendocino, Modoc, Napa, Nevada, Placer, Plumas, Sacramento, San Mateo, San Joaquin, Shasta, Santa Cruz, Sierra, Siskiyou, Solano, Sonoma, Sutter, Tehama, Trinity, Yolo, Yuba, Counties and the City and County of San Francisco.
Central California SBDC Network: Serving businesses located in Fresno, Inyo, Kern, Kings, Madera, Mariposa, Merced, Monterey, Mono, San Luis Obispo, San Benito, Stanislaus, Tulare, and Tuolumne.
