*LA COUNTY REOPENING PROTOCOLS*
- For information and protocols needed to reopen a business in Santa Clarita, please see the list of requirements from Los Angeles County on its coronavirus website.
U.S. Small Business Administration
- Economic Injury Disaster Loan: Direct loan provided by the Small Business Administration (SBA) for up to $2 million at a rate of 3.75% for small businesses and 2.75% for nonprofits. California businesses have access to this program at gov. Businesses may also contact the SBA 24hr Customer Service Center with questions at 1-800-659-2955 / 1-800-877-8339 (TTY).
- Paycheck Protection Program: This program is an incentive program for businesses to keep workers on the payroll during the COVID-19 pandemic. The loan is forgivable on allowable expenses including payroll costs, mortgage interest, rent and utilities, but at least 75% must be for payroll. Payments will be deferred for 6 months. Apply and find additional information sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp.
- SBA Express Bridge Loans: Express Bridge Loan Pilot Programallows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. 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 an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Check out the Express Bridge Loan Pilot Program Guide for procedures applicable to the Express Bridge Loan Pilot Program.
- SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. For more details, visit: sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
CA Economic Development Department
- Work Sharing Program: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. This program helps employers minimize or eliminate the need for layoffs, and helps employers retain trained employees and avoid costs of recruiting and hiring new employees as business conditions improve.
CA Infrastructure and Economic Development Bank (IBank) Finance Programs
- Disaster Relief Loan Guarantee Program: his disaster program provides guarantees for loans of up to $50,000 for small business borrowers in declared disaster areas. Learn more at ibank.ca.gov/small-business-finance-center/.
California State Treasurer’s Office
- California Capital Access Program (CalCAP) (1-500 employees): Loan loss reserve program which may provide up to 100% coverage on losses as a result of certain loan defaults. Individual borrowers are limited to a maximum of $2.5 million enrolled over a 3-year period. Locate participating lenders at treasurer.ca.gov/cpcfa/calcap/sb/institutions.pdf.
Coronavirus Aid, Relief, and Economic Security (CARES) Act
- The Small Business Owner’s Guide to the CARES Act provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
Coronavirus Tax Relief
- The Internal Revenue Service (IRS) has extended the tax deadline to July 15, 2020. Visit irs.gov/coronavirus for additional information and updates.
- Families First Coronavirus Response Act: Provides small and midsize businesses with refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19. Learn more at irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs
- LA County Employer Assistance Grant Fund: Los Angeles County Department of Workforce Development, Aging and Community Services (WDACS), with support of the Los Angeles County Board of Supervisors, announced that the LA County Employer Assistance Grant Fund will be launched on Wed., April 8. The LA County Employer Assistance Grant Fund will provide a total of $500,000 to local businesses. Individual businesses may be awarded up to $10,000 based on demonstrated need. Approximately 25% of awards will be reserved for social enterprises that demonstrate a need and ability to serve vulnerable populations. Applications will be processed on a first-come-first-served basis, and will close once 150 applications are received.
- LA County Help Center: LA County has just launched a centralized call center and website providing free, one-on-one counseling and support for business owners and workers who have been adversely affected by the ongoing COVID-19 public health crisis. Open Monday to Friday from 8 a.m. to 4:30 p.m. for calls: (833) 238-4450