Below is a list of federal, state and lender-specific support to pursue, which will be updated to include programs as they’re released and refined. Return to this page regularly for updated information.

April 1, 2020 at 11:03 a.m.

Resources for Businesses

Potential Closure or Layoffs?

Employers planning a closure or major layoffs as a result of the coronavirus can get help through the California EDD’s Rapid Response program. Rapid Response teams will meet with you to discuss your needs, help avert potential layoffs, and provide immediate on-site services to assist workers facing job losses. For more information, refer to the Rapid Response Services for Businesses Fact Sheet or contact your local America’s Job Center of California.

Work Sharing Program

Through California EDD, employers can apply for the Unemployment Insurance (UI) Work Sharing Program if reduced production, services, or other conditions cause them to seek an alternative to layoffs.

The Work Sharing Program helps employees whose hours and wages have been reduced:

  • Receive UI benefits.
  • Keep their current job.
  • Avoid financial hardships.

The Work Sharing Program helps employers:

  • Minimize or eliminate the need for layoffs.
  • Keep trained employees and quickly prepare when business conditions improve.
  • Avoid the cost of recruiting, hiring, and training new employees.

Apply today!

Coronavirus Aid, Relief, and Economic Security (CARES) Act – Video for Navigating the CARES Act

    1. Emergency Stabilization Fund
    2. SBA Coronavirus Economic Injury Disaster Loans (EIDL)
    3. SBA Business Interruption Loans (Paycheck Protection Program)
    4. SBA Express Loans
    5. Debt Relief for Small Businesses
    6. Tax Relief
    7. Federal Grants for Airports & Community Development Block Grants

Struggling to get started? The following questions might help point you in the right direction. Do you need:

Detailed information on the CARES Act and what each program or loan can offer you.  Here is an easy to read infographic on the loans themselves.

SBA Coronavirus Economic Injury Disaster Loans

SBA Business Interruption Loans (Paycheck Protection Program)

  • Any business of 500 employees or less** are eligible
  • Paycheck Protection Program Loans offered through local banks and credit unions
  • Loans can be partially forgiven
  • Loan payments are deferred for six months
  • Interest rate is capped at 4%
  • Loan fees, credit requirements, and collateral are waived
  • Refinancing available
  • Click hereto learn more

Emergency Stabilization Fund

    • Any size U.S. Business is Eligible*
    • Secured loans through banks, Direct loans through the Federal Reserve, Direct Federal Investment
    • Loans for Small and Mid-Sized Businesses and Nonprofits
    • Main Street Lending Program for Small and Mid-Sized Businesses
    • Troubled Debt Restructuring

SBA Express Loans

  • Businesses that meets the SBA size standards are eligible, excludes several types of businesses***
  • Express loans will be offered through local banks
  • Loans must be approved or denied within 36 hours
  • Guarantee fee applies – most borrowers have to pay a guarantee fee
  • Veteran-owned businesses can receive a waiver of guarantee fees.

Debt Relief for Small Businesses – The SBA will pay all principal, interest and fees on eligible loans for a six-month period.  There is no cap on the amount of payments covered – relief will vary from loan to loan.

  • Any small businesses already holding an existing SBA 7(a) loan are eligible
  • Any small business receiving a new SBA 7(1) loan are eligible
  • Any small business participating in certain SBA loan programs

Tax Relief for Businesses

  • Net operating loss relief for corporations
  • Net operating loss for taxpayers other than corporations
  • Interest deductibility relief
  • Payroll tax deposit delay for employers
  • Employee retention tax credit
  • Exclusion for certain employer payments of student loans
  • Alternative Minimum Tax (AMT) refunds
  • Qualified Improvement Property (QIP)
  • Charitable Deductions – for corporations increases from 10% to 25% of taxable income

Federal Grants for Airports & Community Development Block Grants

  • Funding is available for public or private owners of public-use airports
  • Community Development Block Grants available for city governments
  • Economic Development Administration Grants – State and Local Governments can apply to the EDA for grants
  • Real ID Relief – deadline extended to at least October 1, 2021 for domestic U.S. travel

FAQs

Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.
Watch this webinar on Understanding SBA Economic Injury Disaster Loans
Check out this Easy to read Summary of SBA Loans and related relief under the CARES Act

Federal Income Tax Filing and Payment Deadline Extension

The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

The State of California is also extending the filing deadline to match the federal government for July 15, 2020. Click here for details.

IBANK – State of California

Disaster Relief Loan Guarantee Program (DRLGP)

IBank will issue loan guarantees up to 95 percent of the loan through its partner Financial Development Corporations to help small business borrowers who were impacted by disasters or public safety power shutoffs and who need term loans or lines of credit for working capital. Small businesses, including small farms, nurseries, agriculture-related enterprises and nonprofits that have suffered an economic loss Resources for Businesses and/or physical damage may apply. This disaster program will help lenders and small businesses by providing loan guarantees of up to $1 million for small business borrowers in declared disaster areas.

Jump Start Loan Program

IBank is offering loans from $500 to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas through its Jump Start Loan Program. IBank established the Jump Start Loan Program in 2016 as a small loan and financial literacy/technical assistance program designed for low-income small businesses in low-wealth communities, including businesses owned by women, minorities, veterans, people with disabilities and those previously incarcerated. Access to IBank’s Disaster Relief Loan Guarantee Program and Jump Start Loan Program can be made through its partner Financial Development Corporations (FDCs)

H.R. 6201 Families First Coronavirus Response Act

Details are yet to be announced as we wait for this to pass through Congress.  Details will be provided for you as they are made available.  The House anticipates this will be effective by April 2, 2020.

Be on the Lookout! Additional Financial Resources in Process

Need help navigating all these resources?   Reach out to the California Small Business Development Center (SBDC) for assistance.  Here is the SBDC COVID-19 Survival Guide (pdf).

Resources for Employees

1.    Labor & Workforce Development Agency

Were you exposed to and contacted COVID-19 while working? Learn more about your eligibility for Workers’ Compensation Benefits.

2.    H.R. 6201 Families First Coronavirus Response Act

Details are yet to be announced as we wait for this to pass through Congress.  Details will be provided for you as they are made available.  The House anticipates this will be effective by April 2, 2020.

3.    Private Banks – Coronavirus Low Interest Loans

List of Banks Offering Relief to Customers Affected by Coronavirus (COVID-19)

4.    Another Round, Another Rally Fund

We’re offering $500 relief grants for hospitality workers who lost their jobs or had their hours slashed in the wake of the COVID-19 outbreak. We’re also collecting donations from community members willing to help their hospitality-industry friends and neighbors stay afloat in this time of uncertainty.

5.    Other Resources