Covid Relief Programs to Support Businesses in California:
Are you part of a small business in California that Covid has impacted negatively? If so, there are state-funded programs California may be able to assist with. Since BarrierEnergy is dedicated to educating our local communities in any way we can, this article will provide you with the key information and resources you need to access Covid Relief Programs. We believe that these State-funded programs can assist in a changing economy.
Apply for Covid Relief Programs Today:
Disaster Relief Loan Guarantee
Participating lenders in this program can help small businesses that don’t qualify for federal disaster funds. The California Infrastructure and Economic Development Bank provides financial opportunities in struggling communities. In a guaranteed loan, a third party takes responsibility for the loan in case it defaults. That way, the loan is completely secured. View a list of current lenders as of March 2023. You could qualify for this program if your business in California has fewer than 750 employees. In addition, some nonprofits may be eligible.
What qualifies as a small business? Firstly, your business must meet the Small Business Administration’s (SBA) definition of a small business. You may qualify as a sole proprietor, independent contractor, 1099 employee, S-Corporation, C-Corporation, cooperative, LLC, or LP. Also, you can calculate the allotted maximum number of employees on their website, which varies by industry. In relation to profits, your small business may not exceed two and a half million in gross revenue per year. The business must exceed at least one thousand dollars in gross revenue for the year.
Work Sharing Program
As published on the Employment Development Department’s website, there are multiple other forms of State assistance that may be available to you. For businesses experiencing stagnation in their workload, Work Sharing offers an alternative route to laying off employees for up to a year. Applying to this program can help you keep your employees, so you can recover once business conditions return to normal.
To qualify, your legally registered business must have at least two full-time employees with wages or hours reduced by 10% to 60%. Include an estimation of how many layoffs could occur in your application.
CalJOBS / America’s Job Center for California
For businesses looking to hire, CalJOBS acts similarly to an employment agency. Through this program, you have direct access to potential candidates in your area. You can post unlimited openings, chat with interested parties, and even utilize a virtual recruiter for no money down. The one downside is that being a labor exchange, the program is not entirely “free”. Still, this can prove a valuable asset for struggling businesses.
AJCC is another alternative that takes employment support one step further. Not only can they help you fill job positions with one of their many resources, but they also help screen applicants, provide training assistance, and host informative seminars. These tools can prevent further damage to your business, or assist you in reopening.
Via the Governer’s Office of Business and Economic Development, your business can access free mentorship. They provide guidance on a variety of topics, including regulatory compliance, investment opportunities, and growth strategies. Since their inception, they have partnered with tens of thousands of companies to assist them in avoiding closure.
Emergency Capital Investment Program
Yet another helpful tool, available to small businesses, is the ECIP. The US Department of Treasury approved 9 billion dollars in funds for small and local banks in low-income communities that may have been impacted by COVID-19. This can help small businesses receive loans, grants, and forbearance.
PPP Loan Forgiveness
Although the paycheck protection program is no longer accepting new applications, they continue to offer loan forgiveness. Although, you will have to apply for loan forgiveness. There are two requirements you will definitely have to meet. One is that the money must be spent as stated on the loan application. You must adhere to the rules they set forth, on how the money can be spent. That means at least 60% must go to payroll costs. These rules are updated often, so you must check in with the Small Business Administration regularly.
Supporting Local Businesses:
As building inspectors, BarrierEnergy works hand in hand with many different companies. We have great relationships with builders, architects, contractors, and the like. BarrierEnergy wants this information to be available to all of the public, including our clients. This is our way of showing thanks, knowing we must all work together. Hopefully, sharing this information will help our communities. If you’re interested in business education check out our blog post on Free Online Collaboration Tools for Professionals. Visit our About Us page to learn more about our family-owned business.