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April 12
1738 - Fr. Francisco Garcés born in Spain; came through SCV in 1776, found Tataviam fighting with Coastal Chumash, observed Santa Clara River flowing by night and dry by day despite the season being spring [story]
Garces statue


| 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
1738 - Fr. Francisco Garcés born in Spain; came through SCV in 1776, found Tataviam fighting with Coastal Chumash, observed Santa Clara River flowing by night and dry by day despite the season being spring [story]
Garces statue
1987 - Ramona Chapel and Red Schoolhouse relocated to Heritage Junction [story]
Red Schoolhouse
1835 - Outlaw and Rocks/Park/High School namesake Tiburcio Vasquez born in Monterey, Calif. [story]
Tiburcio Vasquez
Nearly 100 people gathered in front of the highly anticipated Laemmle 7 in Newhall to officially open the theater to the Santa Clarita Valley community.
Laemmle Officially Opens in Old Town Newhall
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Parks Commissioners Asked to Advise on Pioneer Oil Refinery’s Future
A judge’s ruling this week dealt a setback to the Tejon Ranch Co.’s proposed 19,000-unit Centennial development project in the upper northwest corner of Los Angeles County.
Judge Halts Centennial Development Project in Tejon Ranch
The California Community College Athletic Trainers Association has named longtime athletic trainer, and current College of the Canyons associate athletic director, Chad Peters its 2021 Athletic Trainer of the Year.
Chad Peters Named CCCATA 2021 Athletic Trainer of the Year
Los Angeles County Public Health on Friday confirmed 48 new deaths and 752 new cases of COVID-19 countywide, with 27,432 total cases in the Santa Clarita Valley.
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The Santa Clarita City Council Legislative Committee briefly met Thursday morning to recommend that the City Council oppose four pieces of state legislation that would expand the state’s land-use authority.
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The Los Angeles County Department of Public Health confirmed Thursday 52 new deaths and 710 new cases of COVID-19, with 27,417 total cases in the Santa Clarita Valley.
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College of the Canyons will welcome José Rivera, award-winning playwright and the first Puerto Rican screenwriter to be nominated for an Oscar, to the School of Visual & Performing Arts’ Virtual Industry Insight Series on Monday, April 12.
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Santa Clarita Artists Association (SCAA) will spotlight contemporary artist Alex Schaeffer in a virtual oil demo on Monday, April 19, from 6:30 p.m. - 8:30 p.m.
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Spectrum Commercial Real Estate advisors Yair Haimoff, SIOR, Randy Cude, and Matt Sreden represented the seller in the sale of a 23,817-square-foot professional office building in a prime Valencia location.
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Following stakeholder planning meetings over the course of a year and a public survey period in January, the city of Santa Clarita’s 2021 Local Hazard Mitigation Plan (LHMP) draft update enters the next phase in the approval and adoption process.
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Cassie Gratton knows how to open a Laemmle theater. The general manager of the Newhall Laemmle, which will open its doors with a ribbon-cutting this Friday, also helped to open Laemmle’s Glendale and Claremont locations.
After Several Delays, Laemmle Newhall Opens Friday
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