Federal and state government have identified financial assistance resources available for business to mitigate the impact of COVID-19 on operations.
1. The U.S. Small Business Administration (SBA) can help connect businesses with working capital or provide emergency relief through the Economic Injury Disaster Loan Assistance Program offering up to $2 million in assistance with a 3.75% interest rate for business and a 2.75% interest rate for nonprofits.
2. The California State Treasurer’s Office offers the California Capital Access Program (CalCAP) for small businesses by encouraging banks and other financial institutions to make loans to small business that have challenges obtaining financing.
3. California’s Small Business Finance Center gives small businesses access to a range of financial products including loan guarantees and direct loans. Two credit enhancement programs to help small business obtain loans are the Small Business Loan Guarantee Program and the Small Business Loss Reserve Program.
4. The UI Work Sharing Program is available for employers experiencing a slowdown in their businesses or services as a result of the coronavirus.
5. The Rapid Response Program will connect a business with a team that will meet with you to discuss your needs, help avert layoffs, and provide on-site services to assist workers facing job losses
6. The California Small Business Development Center (SBDC) can help with applying for COVID-19 relief guiding business through available resources, cash flow concerns, supply chain interruptions, insurance coverage--at no cost.
7. The Office of the Small Business Advocate provides a network of small business centers throughout the state to offer consulting and training and access to capital.
8. The California Department of Tax and Fee Assistance (CDTFA) has been authorized by the Governor to provide relief to taxpayers during the 60-day window of the Governor’s Executive Order. Taxpayers are granted extensions for filing returns, making payments, and relief from interest and penalties.