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1890 - Castaic Range War: Landowner William Chormicle brought to L.A. to stand trial for double murder [story]
Willliam Chormicle


| Saturday, Apr 25, 2020
Planet Soccer
(File photo). Planet Soccer owner Carlos Marroquin, right, helps shoppers Abby Buenafe, left, and Santiago Guzman as they pick out sweatshirts on Small Business Saturday at Planet Soccer in Newhall on Saturday, November 24, 2018. Dan Watson/The Signal

 

Only 10% of the Santa Clarita Valley businesses that applied for Paycheck Protection Program (PPP) relief received it and only 5% have received complete funding from the Emergency Injury Disaster Loan program, according to a recent survey by the SCV Economic Development Corp., SCV Chamber of Commerce and College of the Canyons.

On Friday, President Donald Trump signed a $484 billion coronavirus stimulus bill that is giving hope for SCV businesses who are looking for some form of financial relief during the COVID-19 pandemic.

The bill is set to put an additional $310 billion into the PPP and additional guarantees for smaller lenders who cater to small, local businesses. At least $60 billion must be given to small banks, community financial institutions and credit unions, according to officials.

Earlier this month, the PPP had been established specifically for the purpose of payroll, mortgage interest, rent and utilities payments over an eight-week period after getting the loan.

The small business that took the loan would receive total loan forgiveness if the payroll headcounts remained the same and 75% of their loan was given to payroll.

The EIDL loan, the second form of federal financial relief for businesses, is a low-interest loan that was designed to include up to $10,000 in more immediate grant funding.

According to a survey of 230 local businesses released by the SCVEDC, the SCV Chamber of Commerce and COC, 88% of the respondents had applied for one or both loans, with 55% applying for EIDL and 83% applying for PPP.

Only 9% of applicants received the EIDL emergency advance, and only 5% received complete EIDL funding. A total of 33% of businesses have received approval for PPP, and only 10% have received their funds.

“Most of these were businesses under 25 employees, and almost a third were micro businesses under five employees,” read a news release regarding the survey. “PPP applicants were seeking modest amounts of money with 43% asking for $50,000 or less, and 30% asking for $25,000 or less.”

The SCVEDC encouraged applicants to contact their banks immediately to ensure they will accept PPP loan applications or have them in the waiting list. Officials stated that while the county stay-at-home order is presently set to expire on May 15, the state of California’s order has no current end date.

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Latest Additions to SCVNews.com
1890 - Castaic Range War: Landowner William Chormicle brought to L.A. to stand trial for double murder [story]
Willliam Chormicle
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The Hart Games will be held 10 a.m.- 1 p.m., Monday, March 24, at Valencia High School, Valencia High School Stadium, 27801 North Dickason Drive, Valencia, CA 91355.
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The city of Santa Clarita Film Office has released the list of nine productions filming in the Santa Clarita Valley for the week of Monday, March 10 to Saturday, March 15.
March 10-15: Nine Productions Filming in SCV
College of the Canyons men's golf placed second at the Western State Conference tournament played at Santa Maria Country Club on Monday, March 3.
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College of the Canyons hosted the Western State Conference South meet at Cougar Stadium on Feb. 28, with the Cougars men's and women's teams both securing second place finishes.
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Valley Trails Summer Camp, a premier summer camp in Santa Clarita, invites families to a special Open House on Sunday, March 16, from 11 a.m. to 1 p.m.
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The Castaic Union School District will hold its regular board meeting Thursday, March 13 at the District Office, located at 28131 Livingston Ave., Valencia, CA 91355. A closed session will begin at 5 p.m., followed by an open session at 6 p.m., where there will be a report of closed session action.
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