COVID-19 Relief Resources

California is offering unemployment payment benefits for anyone who lost their job due to COVID-19. This could be caused by your employer closing shop due to quarantine or lockdown. You could get paid up to $450 + $300 boost a week for California unemployment benefits.

The federal government also is granting some benefits. Make sure you apply for your state one, and then your federal one!

Apply here:

California

https://edd.ca.gov/unemployment/

Federal

https://www.benefits.gov/benefit/597

Disaster Loan Assistance from SBA

The Small Business Association is offering loans for businesses that are affected by COVID-19. These loans carry interests ~3.5% interest paid over 30 years. This is a good option if you need to close your business and pay your expenses, like your lease, without going bankrupt

Example: 3 months of rent for you is $12k. This comes out to $33 per month for $360 months. At ~3.5% interest, that is only $450 added a year.

Submit an application here:

https://disasterloan.sba.gov/ela/Information/ApplyOnline

SBA Debt Relief

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.

Under this program:

The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

Up to $25,000. Fast turnaround. Will be repaid in full or in part by proceeds from the EIDL loan Find an Express Bridge Loan Lender by connecting with your local SBA District Office.

IRS Tax Relief

IR-2020-62, IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19

IR-2020-59, IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program

IR-2020-58, Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount

IR-2020-57, Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave

There are several provisions that may benefit businesses of all sizes. Please go here for more detailed information.

Federal Tax Credit to Cover the Cost of Paid Sick Leave

Two new refundable federal payroll tax credits to help small and medium-size businesses cover the cost of providing coronavirus-related leave for employees.

These federal credits are designed to immediately and fully reimburse small and medium-size businesses for the cost of paid leave.

The JEDE Committee, in collaboration with the Assembly Committee on Revenue and Tax, has requested the Governor’s Office of Emergency Services to provide guidance on how this tax credit applies to California businesses, which may have already laid workers off. More information about these new tax credits are available under “New Releases” on the IRS’

COVID-19 webpage: https://www.irs.gov/coronavirus