P A R A M O U N T
PULSE BEAT April 2020 • Paramount Chamber of Commerce (paramountchamber.com) • Serving the community since 1947
Applying for SBA Economic Injury Disaster Loans By Brad Pollak (bpollak@lbcc.edu) Director, Long Beach Small Business Development Center
Assets would include: • Cash on hand and in bank savings accounts • IRA or other retirement account information • Accounts and notes receivable • Life insurance (cash surrender value only) • Stocks and bonds • Real estate • Automobiles • Other personal property (detailed list) • Other assets (detailed list) • Sources of income (salary, real estate investment, other investments, etc.) • Other income Liabilities would include: • Accounts payable • Notes payable to banks and others • Auto payments • Loans against life insurance • Mortgages • Unpaid taxes • Other liabilities During the application process, please make sure you keep any SBA loan numbers (or whatever type of number the SBA assigns to you) in a safe place, and do not lose your password! The SBA won’t be able to find your password if you lose it, and you’ll have to begin the process all over again.
Image: SBA
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y this time, it is highly likely that you will have heard of the Economic Injury Disaster Loan (EIDL). But in case you haven’t, the EIDL is a loan provided through the Small Business Administration (SBA) and is funded by the U.S. Treasury. It allows a small business to apply for up to $2 million in loans if that businesses has been directly impacted by the COVID-19 pandemic. To apply, go online to this official website: disasterloan.sba.gov/ela/Account/Login. As of this writing, the SBA site is experiencing very high volume, so be prepared to be patient. If you have trouble logging on using Google Chrome, try using Internet Explorer, Firefox, Safari or another browser. Please make sure that you mark “Economic Injury” in the box provided on the application. To prepare for filling out the application, it will be enormously helpful if you have available a list of your current assets and liabilities.
Additional ways to apply: By mail: Paper applications are found here: disasterloan.sba.gov/ela/Information/ PaperForms. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955; for the hearing-impaired, call 800-877-8339; or by emailing to disastercustomerservice@sba.gov. Forms needed include: • SBA Form 5C—For all sole proprietors. • SBA Form 5—For all other entries. • SBA 413D—Personal financial statement. • SBA 1368—Sales/revenue comparison by month over the last three years, including the first three months of 2020. • SBA 2202—Schedule of liabilities. • SBA 4506T—IRS verification of taxes filed. Paper applications should be mailed to: U.S. Small Business Administration Processing and Disbursement Center 14925 Kingsport Road Fort Worth, TX 76155 By Email: Ela.doc@sba.gov. By Fax: Send to 202-481-1505. If you would like assistance from the Long Beach Small Business Development Center (SBDC) to help you pull together the necessary information for the application—particularly in preparing the schedule of liabilities—please know that we are here to help you! In order for an SBDC business advisor to assist you, please register as an SBDC client, which is free. You’ll have zero out-of-pocket expenses working with any of our SBDC paid expert advisors.
PULSE BEAT Paramount Chamber of Commerce 15357 Paramount Boulevard Paramount, California 90723 Telephone: 562-634-3980 paramountchamber.com
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To register with SBDC, please go to on longbeachsbdc.org/newclient, and then click on the red “Get Started” button and follow the prompts. As soon as you’ve registered, please call us at 562-938-5100 so that we can set you up with an advisor to help you navigate the EIDL process. In addition to the SBA’s Small Business Development Center, here is a list of additional agencies and groups that can be helpful to you: Disasterloan.sba.gov—Disaster loans, small business loans. City, county and state websites—For updates on local issues. Centers for Disease Control (CDC) website: www.cdc.gov—For all things related to health. Employment Development Department (www.EDD.ca.gov)—For employer and employee information, including unemployment insurance, work-sharing programs and much more. U.S. Department of Labor (www.dol.gov)— Guidance for preparing workplaces to deal with public health issues. I wish you all the best during these difficult times, and I know that we will get through this as the strong, energized, creative and exceptional community that we are.
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From the Mayor’s Desk.....................................................................................................................................................................................3 In Memoriam: Former Paramount Mayor Elvira Amaro.....................................................................................................................4 Public Safety: COVID-19 Scams....................................................................................................................................................................4 Paramount Restaurants Serving You...........................................................................................................................................................5 Employment Opportunities............................................................................................................................................................................6 Paramount Chamber of Commerce Membership Renewals.............................................................................................................6 Chamber Member-to-Member Discounts................................................................................................................................................7 Business Card Directory...................................................................................................................................................................................8 Ribbon-cutting Ceremonies.........................................................................................................................................................................10 CityScape.............................................................................................................................................................................................................11