State and Federal Agencies Offering Financial Help
(Sacramento) – Emergency state and federal assistance is on the way for small businesses impacted by COVID-19.
“Small businesses are vital to our economy and we need to support them now,” said Assemblymember O’Donnell (D - Long Beach). “State and federal programs will allow small businesses to weather this crisis by enabling them to keep their workers on payroll and pay bills.”
Yesterday, the Governor announced new relief for small businesses, such as delaying payments up to $50,000 in sales taxes for 12 months and an additional $50 million in loans for those who do not qualify for federal funds.
Today, the U.S. Small Business Administration (SBA) started accepting applications for its Paycheck Protection Program, which will provide and forgive loans for small businesses to keep employees on their payroll. The SBA, through its Economic Injury Disaster Loan Program, is also providing loans for up to $2 million that includes an advance of up to $10,000 that does not have to be repaid.
For more information, go to https://business.ca.gov/coronavirus-2019/.