California’s network of small business support centers help businesses figure out which loans are best for them, develop resiliency strategies, and find other resources. These centers are deployed to respond in disasters. Please click here to find the center nearest you.
Check these links at regular intervals, as guidance continues to evolve:
Government-backed loan programs are available, including special disaster assistance at the state and federal levels:
- Economic Injury Disaster Loans (EIDL) are available to all California counties, up to $2 million per business, and now include an Emergency Economic Injury Advance of up to $10,000 upon request within three days of applying for EIDL. To apply directly online, go to the SBA Website HERE. 24hr SBA Customer Service Line: 1-800-659-2955 / 1-800-877-8339 (TTY), or by email at: firstname.lastname@example.org
- Paycheck Protection Program offers cash-flow assistance with a 100% federally guaranteed loan at a max of 2x the average monthly payroll costs from the last year plus an additional 25% of that amount with a max of $10 million to employers who maintain payroll. Loan forgiveness will be available on allowable expenses – but 75% of the forgivable amount must be for payroll. The program will be available through SBA's 7(a) lenders (banks, credit unions, nonprofit lenders). Small businesses and sole proprietors can start applying April 3rd and independent contractors and self-employed can apply April 10th. Match to your lender HERE. More details HERE.
- Small Business Debt Relief - if you are a current borrower under SBA 7(a) not through PPP, 504 loan program or a microloan, you are eligible for debt relief and SBA will cover all loan payments for 6 months. View all of SBA's programs HERE.
If you are an employer, please see the following, most frequently sought resources:
Consumers and homeowners may be eligible for financial relief after contacting their financial institution. Citigroup, JP Morgan Chase, US Bank, Wells Fargo, and nearly 200 state-chartered banks, credit unions, and servicers have committed to providing relief for eligible consumers and homeowners in California in the form of mortgage-payment forbearances of up to 90 days: https://dbo.ca.gov/2020/03/25/covid19/
- Residential eviction protections are covered here: https://covid19.ca.gov/get-financial-help/. Issued a statewide moratorium on residential evictions for renters who cannot pay their rent, from March 27 and through May 31, 2020.
- Commercial eviction protections: On March 16, Governor Newsom authorized local governments to halt evictions, slow foreclosures, and protect against utility shut offs. The protections are in effect through May 31, 2020, unless extended. The order also requests banks and other financial institutions to halt foreclosures and related evictions during this time period.
- State and Local Taxes, and Sales Tax: CDTFA is providing a 90-day extension for tax returns and tax payments for all businesses filing a first-quarter return for less than $1 million in taxes. No request is necessary to take this extension. Small businesses will have until the July 31, 2020 to file their first-quarter returns.
- State Payroll Taxes: Employers experiencing a hardship as a result of COVID-19 may request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit state payroll taxes without penalty or interest. A written request for extension must be received within 60 days from the original delinquent date of the payment or return.
- EDD Taxpayer Assistance Center:
Toll-free from the US or Canada: 1-888-745-3886
Outside the US or Canada: 1-916-464-3502
FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities for: 2019 tax returns, 2019 tax return payments, 2020 1st and 2nd quarter estimate payments, 2020 LLC taxes and fees, 2020 Non-wage withholding payments.
We encourage you to continually check your county’s websites for local new loan programs, resources and language translations. We know that now, more than ever, businesses and entrepreneurs need our support to build resiliency. We will keep you on future list serves with updated information.