The California State Tax deadline has been extended by the Franchise Tax Board (FTB) to June 15, 2020. This includes partnerships and LLCs who are taxed as partnerships whose tax returns are due on March 15, 2020 now have a 90-day extension to file and pay by June 15, 2020. Note that the FTB’s June 15, 2020 extended due date may be pushed back even further if the Internal Revenue Service grants a longer relief period (the Treasury Department and Internal Revenue Service have deferred the Federal Taxdeadline to July 15, 2020).
The IRS has set up a special section to help taxpayers and businesses affected by COVID-19. The page will be updated as new programs are made available.
The National Association of Manufacturers (NAM) has called on the federal government to take legislative and administrative steps to equip manufacturers to respond to COVID-19 and future public health emergencies. NAM is requesting the federal government create the “Manufacturing Resiliency Fund,” which would include $1.4 trillion in loans to provide desperately needed liquidity to manufacturers and small businesses.
The Employment Development Department (EDD) provides a variety of resources for employers who anticipate a reduction of work hours or potential closure or layoffs as a result of Coronavirus. Employers experiencing a hardship as a result of Coronavirus may also request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit state payroll taxes without penalty or interest. For questions, employers may call the EDD Taxpayer Assistance Center at (888) 745-3886.
If you’re unable to work because you are caring for an ill or quarantined family member with COVID-19 (certified by a medical professional), you canfile a Paid Family Leave (PFL) claim. PFL provides up to six weeks of benefit payments.
If you’re unable to work due to having or being exposed to COVID-19 (certified by a medical professional), you canfile a Disability Insurance (DI) claim. DI provides short-term benefit payments to eligible workers who have a full or partial loss of wages due to a non-work-related illness, injury, or pregnancy.
If your employer has reduced your hours or shut down operations due to COVID-19, you canfile an Unemployment Insurance (UI) claim. UI provides partial wage replacement benefit payments to workers who lose their job or have their hours reduced, through no fault of their own.
Employers can apply for the Work Sharing Program if they are looking for alternatives to layoffs due to reduced production, services, or other conditions. This program helps you keep your trained employees so that when business conditions improve, you can avoid the expense of recruiting, hiring, and training new employees, and save your employees the hardship of becoming fully unemployed.
Employers may be able to avert layoffs or work reduction by offering flexibility in work location and hours through telecommuting. The U.S. General Services Administration website provides an array of resources to help guide employers in offering and managing telecommuting or remote work.
The California Governor’s Office of Business and Economic Development (GO-Biz) provides many services to employers affected by COVID-19. For the most up-to-date state resources for businesses, visit the GO-Biz resource page. The CA Employment Development Division (EDD) is granting a 60-day extension to file state payroll reports and/or deposit state payroll taxes without penalty or interest for employers experiencing hardship from COVID-19. For the most up-to-date information, visit CA EDD’s COVID-19 resource page.
***There are alternatives to layoffs that can help employers keep their employees when there is a lack of work, or during financial hardship.*** En español.
The Office of Emergency Services are making SBA Disaster Loans available to businesses impacted by COVID-19. You can find more information on those programs, here. KIVA is another small business lender, though they haven’t announced any COVID-19 related lending as of yet. You can find more information about them here.
California IBank has low-interest and state-guaranteed business loans and microloans for small business borrowers who have been impacted by regional disasters and who need term loans or lines of credit for working capital.
The California Capital Access Program (CalCAP) for Small Business encourages banks and other financial institutions to make loans to small businesses that have difficulty obtaining financing. If you own a small business and need a loan for start-up, expansion or working capital, you may eligible for this program. Loans are available up to $5 million.
Facebook is offering up to$100 million in cash grants and advertising credits to help small businesses during the COVID-19 outbreak to support their various operational needs.
The Opportunity Fund is committed to supporting existing and new small business customers who are financially struggling amidst the COVID-19 outbreak. The Opportunity Fund is collaborating with investors and nonprofits to put together a COVID-19 relief fund that will provide grants and low-interest rate loans to business owners in need.