SBA LOAN FAQ'S
Click below for frequently asked questions about the Small Business Administration's COVID-19 loan programs.
RESOURCES FOR EMPLOYERS
Instructions on how small businesses or nonprofits can apply for the Paycheck Protection Program have been posted on the U.S. Small Business Administration website. The U.S. Treasury Secretary stated the loans will be available starting Friday, April 3rd and may be disbursed the same day. I encourage businesses affected by COVID-19 to apply. The loans are retroactive to February 15th and can be forgiven if you retain and/or re-hire laid off employees. Please share with local businesses you frequent.
As part of the Trump Administration's efforts to combat the effects of COVID-19 on small businesses, the Economic Injury Disaster Loan program has been made available statewide, including nonprofits. The application is open and I encourage affected businesses to apply.
Today, the Governor announced a Bridge Loan program, where small businesses can keep and use up to $50,000 in sales tax as a loan and can pay the State back in one year with no fines, penalties or interest.
An executive order signed March 30th will provide tax, regulatory and licensing extensions for businesses throughout California. The order allows for businesses with a filing less than $1 million a 90-day extension on state and local taxes, including sales tax. It will also provide extensions on licensing deadlines and requirements for several industries. To view the full list of extensions download the linked PDF below.
Through the EDD, employers experiencing hardship as a result of COVID-19 may request up to a 60-day extension to file their state payroll reports and/or deposit state payroll taxes without penalty or interest. As an alternative to layoffs, employers experiencing a slowdown in their businesses or services can apply for the Unemployment Insurance (UI) Work Sharing Program, which may help you keep your employees by allowing workers to receive a percentage of their UI benefits based on reduced hours.
Additional Employer Resources:
RESOURCES FOR EMPLOYEES
Employees who are sick, caring for the sick, or have reduced work hours may qualify for assistance through the EDD. Those who are self-employed and pay into CASDI may qualify as well. To learn how to apply, please visit the EDD's Website. If you're having trouble applying, please contact my district office.