Resources for Businesses

FINANCIAL ASSISTANCE

Agency

Program

U.S. Federal (Various Agencies)

CARES ACT (FEDERAL STIMULUS PROGRAM - PART 2)

Additional Appropriations Approved on 4/22.

Key Components (not inclusive of all relief measures)

  • Increases appropriation for the Paycheck Protection Program by additional $321 billion
  • Increases authorization level for the Emergency Economic Injury Disaster (EIDL) Grants by additional $60 billion
  • $75 billion for reimbursement to hospitals and healthcare providers to support the need for COVID-19 related expenses and lost revenue
  • $25 billion to ramp up coronavirus testing

U.S. Federal (Various Agencies)

CARES ACT (FEDERAL STIMULUS PROGRAM - PART 1)

On March 27, 2020, Congress passed the CARES Act to provide substantial assistance to workers, families and individuals.​ ​Please see below for an abbreviated summary or click here​ for the full detail.

Key Components (not inclusive of all relief measures)

Keeping American Workers Paid and Employed Act

Paycheck Protection Program

  • $349 billion for small business loans; for businesses < 500 employees and sole-proprietors, independent contractors and other self-employed
  • Borrowers shall be eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the origination date of the loan on payroll costs, interest payment on any mortgage incurred prior to Feb 15, 2020, payment of rent on any lease in force prior to Feb 15, 2020, and payment on any utility for which service began before Feb 15, 2020
  • Loans equal to lesser of 2.5 months of payroll or $10M to maintain payroll, lease, and utility payments; Loan period Feb 20 to Jun 30, 2020; Max. interest rate of 4%
  • Eligibility based on operational status as of Feb 15, 2020 vs. repayment ability
  • Participating lenders (noted on SBA site) can begin processing loans beginning Fri, April 3, 2020 (for small businesses and sole proprietorships) and April 10, 2020 for Independent contractors and self-employed individuals
  • For participating SBA lenders and application process: US Treasury CARES Update for Small Businesses (April 2, 2020)

Expanded Eligibility of Economic Injury Disaster Loan (EIDL)

  • Expanded for individual operating as sole proprietor or independent contractor for Jan 31 to Dec 31, 2020
  • Emergency Grant of $10,000 advance payment to eligible EIDL applicant; repayment not required if loan denied

Business Provisions

Refundable payroll tax credit

  • For or 50% of wages paid by employers with credit up to $10,000 in wages paid / employee with max of $5,000
  • Applies to companies affected by shutdowns or 50% reduction in revenues from same calendar quarter in the prior year

Deferred Employer Payroll Tax Over Two Years

  • Includes Self Employed Individuals
  • Defer payment of the 6.2% employer-side Social Security payroll tax, effective for wages paid between date of enactment and Dec 31, 2020
  • Payment ultimately due in equal parts on Dec 31, 2021 and Dec 31, 2022

Net Operating Loss (NOL) Carryback Rules Reinstated and Expanded

  • NOLs from tax years 2018, 2019, and 2020 can be carried back 5 years to claim refunds from taxable years
  • Additional modifications on loss limitations, recovery of alternative minimum tax credits, interest expenses and others

General Labor Related Provisions

  • Limitations on employer paid leave and sick leave
  • Provides employee laid off by an employer March 1, 2020 or later to have access to paid family and medical leave in certain instances if rehired by employer
  • Employers to receive advance tax credit from Treasury

Rebates to Individuals

  • All U.S. residents with adjusted gross income up to $75,000 ($150,000 married), who are not a dependent of another taxpayer and have a work eligible social security number, are eligible for $1,200 ($2,400 married) rebate and additional $500 per child
  • Eligibility will use a taxpayer’s 2019 tax return if filed, or in the alternative their 2018 return and include those with no income or on SSI
  • For income above $75,000, $5.00 will be deducted for every $100 above $75,000. ​ Individuals above $99,000 will not be eligible
  • The federal government will send checks automatically either by check or direct deposit in April

Unemployment Insurance Provisions

  • Expanded to include self-employed, independent contractors, those with limited work history, furloughed workers, and “gig economy” workers (e.g. Uber, Lyft, etc.) to Dec 31, 2020
  • Additional $600 per week for up to four months
  • Additional 13 weeks of unemployment benefits through Dec 31, 2020 to help those who remain unemployed
  • Grants for 50% of costs incurred by States which provide a “short-time compensation” program

Foreclosure Moratorium and Consumer Right to Forbearance

  • Prohibits foreclosures on all federally-backed mortgage loans for a 60-day period beginning Mar 18, 2020
  • Provides up to 180 days of forbearance for borrowers of a federally-backed mortgage loan

Education Provisions

  • Defer student loan payments, principal, and interest for 6 months through Sept. 30, 2020 without penalty for all federally owned loans

Emergency Relief and Taxpayers Protections

  • $500B Emergency Treasury Exchange Stabilization Fund to provide loans, loan guarantees, and other investments
  • For direct lending, borrowers must maintain employment levels (no less than 90%) as of Mar 24, 2020 until Sept 30, 2020
  • Special facility targeted at nonprofits and businesses between 500 and 10,000 employees subject to criteria to retain no less than 90% of workforce with full compensation and benefits through Sept 30, 2020

U.S. Small Business Administration (SBA)

SBA DISASTER LOAN

  • Low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury
  • Up to $2M; Eligibility based on impact
  • Interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations
  • https://disasterloan.sba.gov/ela
  • Phone: 800-659-2955 (TTY/TDD: 1-800-877-8339)
  • Email: [email protected]

U.S. Department of Labor’s Wage and Hour Division (WHD)

FAMILIES FIRST CORONAVIRUS RESPONSE ACT (FFCRA)

U.S. Department of Treasury, Internal Revenue Service

FEDERAL TAX RELIEF

  • Tax day for filing and payment extended to July 15 regardless of amount
  • Treasury, IRS and Labor announce plans to implement paid leave for workers and tax credits for small and midsize businesses
  • https://www.irs.gov/coronavirus

U.S. Department of Housing Urban Development (HUD)

HOMEOWNERS RELIEF

U.S. Department of Education (For Students)

FORBEARANCE INFO FOR STUDENTS, BORROWERS, AND PARENTS

California Office of Governor Gavin Newsom

90 DAY MORTGAGE PAYMENT RELIEF

SALES TAX DEFERRAL FOR SMALL BUSINESSES

California Infrastructure and Economic Development Bank (IBANK)

IBANK

A unit within California Governor’s Office of Business and Economic Development (GO-Biz), that offers the following loan programs for businesses from one to 750 employees (small businesses):

DISASTER RELIEF LOAN GUARANTEE PROGRAM (DRLGP)

  • For declared disaster areas to help lenders and small businesses by providing loan guarantees of up to $1 million

JUMP START LOAN PROGRAM

  • Loans from $500 to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas

California State Treasurer Office

CALIFORNIA CAPITAL ACCESS PROGRAM (CalCAP)

California Franchise Tax Board & Department of Tax and Fee Administration

CALIFORNIA STATE TAX RELIEF

California Employment Development Department (EDD)

OVERVIEW OF All EDD PROGRAMS

DISABILITY INSURANCE

PAID FAMILY LEAVE

UNEMPLOYMENT INSURANCE (UI) CLAIM

PANDEMIC UNEMPLOYMENT INSURANCE (PUA)

DISABILITY INSURANCE ELECTIVE COVERAGE

OnwardCA.org

Facebook

SMALL BUSINESS GRANTS PROGRAM

Small Business Development Center (SBDC) of Orange County and Inland Empire (located in Irvine)

Consultation Services for Small Businesses

No cost business consulting and low-cost training to business owners and entrepreneurs. ​ COVID-19 services include:

  • The initial assessment: Understanding how COVID has affected the business
  • Funding options:​ Review of funding sources and applications including SBA’s Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP)
  • Employee analysis and management
  • Future-proofing:​ Plan business jumpstart with financial projections, a walkthrough of marketing techniques and exploration of business-saving technologies

To sign up for service:
Call 1-800-616-SBDC (7232) or
ociesmallbusiness.org (click on Sign Up)

To ask questions at daily webinar at 3pm:
https://fullerton.zoom.us/.../WN_B21fFxU7RNKYtIpBp0UgNQ

To view upcoming webinars:
https://ociesmallbusiness.org/resource/covid-19/

City of Irvine

Other

One Fair Wage

  • Cash assistance for service workers: restaurant workers, delivery drivers, and other tipped workers and service workers who are seeing their income decline or aren’t able to work because of quarantines or other health concerns.
  • Request online: https://ofwemergencyfund.org/help

USBG National Charity Foundation

  • Get financial assistance for individuals and their families in the alcohol industry
  • Eligible if worked for at least one year directly serving or in the production, promotion or distribution of alcoholic beverages, or the spouse or child of someone in the industry Apply with online form
  • https://www.usbgfoundation.org/beap-application

ADDITIONAL RESOURCES

Agency

Program

California Labor and Workforce Development Agency

Guidance for California Employer and Workforce

Centers for Disease Control & Prevention

Workplace Health & Safety

Cal/OSHA Guidance on COVID-19

Workplace Health & Safety

California Employment Development Department (EDD)

Rapid Response Services

California Labor Commissioner’s Office

FAQs regarding employee leave options, compensation, and salary

Orange County Government

Summary of Resources for Orange County Businesses & Individuals

2-1-1 Comprehensive information and referral system for Orange County

  • Provides a resource database of health and human services and support, accessible 24 hours a day, 7 days a week online and through a multi-lingual hotline
  • Dial 2-1-1 or visit www.211oc.org

©2020 Irvine Management Company ​ | ​ ​ All Rights Reserved ​ ​ ​ | ​ ​ ​ Your Privacy Rights Copyright Information

The material located on our site and in the links provided is for informational purposes only, is general in nature, and should be construed as citations for further information only, in order to help you identify and locate other Internet resources that may also be of interest. Information on this website or the links provided is not exhaustive, may not constitute the most up-to-date information, is not intended to create a legal, medical, or fiduciary relationship between you and the company, and is not intended to constitute an endorsement by the Irvine Company. The content on this posting is provided "as is;" no representations are made that the content is error-free. You should not act or refrain from acting on the basis of any content included in this site without seeking independent professional advice. ​ We disclaim all liability for actions you take or fail to take based on any content on this site.
The links and citations are not intended to state or imply that the Irvine Company is affiliated or associated with the authors of these third party sites, or asserts ownership or right to use any trade name, registered trademark, logo, or copyrighted content that may be reflected in the links.