Due to the Coronavirus pandemic there have been many small enterprises which have suffered loss due to the lockdown. So, assistance has been provided for such kinds of business. Some of the benefits that are being provided to the small businesses are tax relief which is provided to them in the form of credits and also deferrals. Apart from that California rebuilding fund with credit for small business loans. There are many small business enterprises that are not aware of these kinds of works. And they also aim to provide small business disaster relief loan guarantee program with $50 million in funding. Financial assistance for small business sounds like a far cry. You can check the link for more detailed information.
PPP & EIDL -
Apart from that the assistance that they are deciding to provide is giving existing SBA borrowers small business debt relief. Now, there are some small businesses which are not eligible for tradition loans, so the financial assistance is providing to small business $50 million through the Small Business Loan Guarantee Program via iBank. Additional funding to stimulus programs, such as PPP and EIDL.Access to local advisors from state-funded small business centers.Local governments authorized to prevent evictions of commercial renters.
Small Businesses Relief Grant
Then there is an also small business relief grantwhich is provided to the small business that has been impacted by the coronavirus. And such small businesses can apply for such type of loans. The small businesses can get covid-19 relief grant from the 31st December to 13th of January. So, small businesses can go to the link mentioned above and get the details and also prepare documents. The grant which is available is worth $500 million.There is also additional assistance for small business. The Governor’s Office of Business and Economic Development have collated these Resources and services for small businesses. The Department of Tax and Fee Administration have provided Tax relief and extensions. Business Lawyer Nakase Wade can help you for this.
WARN Act Requirements -
Also, if you go in the site link it is mentioned that they are providing for a labor and workforce support for business. The EDD has provided resources for employers with information about WARN Act requirements, workplace health and safety guidelines, potential layoffs or closure, tax assistance, and reduced work hours. Information about COVID-19 infection in the workplace can be found on the California Department of Fair Employment and Housing’s website. The California Labor and Workforce Development Agency have also released employer resources and assistance. Corporate Lawyer Nakase Wade site link you should check.
Policies & Resources defined for Employers -
Reopening businesses need to ensure their premises are safe and offer low-risk of contracting Covid-19 for their staff and customers. If you are planning to reopen, read this employer playbook to ensure you are ready. Ensure you are aware of any industry-specific guidance applicable to your business. Your business will need to review its policies and communicate changes to employees. For example, employees who test positive for Covid-19 must report their illness to you and stay home. These resources offer more information:-
PPP is a federally funded program that provides nonprofits and small businesses with forgivable loans. A second round of PPP loans has been announced, and businesses who meet these criteria can apply for a second loan. Their gross revenue for one quarter in 2020 is at least 25% less than the same quarter in 2019. They employ 300 employees or less.
