Small Business COVID-19 Relief
In recent weeks, small businesses have been drastically impacted the coronavirus. Safety measures enacted by the government have had a large impact on small businesses. The federal government has acted to provide stimulus packages and relief funds. It’s not only American small businesses affected by this pandemic; the entire globe has felt this virus’ effects. While many businesses have the ability to close shop during this pandemic, many businesses do not have the luxury of doing so. Therefore, the government has put in place many relief grants to help small businesses during these times. Here’s everything you need to know about small business COVID-19 relief.
Federal Grants for Small Business COVID-19 Relief
The CARES Act, passed in late March, allows for a $2 trillion emergency relief for workers and small businesses that have been severely affected by the lockdown. This act allows for small businesses to be able to pay employees and any other fees that could harm their business during the period in which it is closed. As well as the CARES Act, the government has also put into place laws regarding sick leave for workers, as well as low-interest grants for small businesses. In California, you may apply for a $5,000-$20,000 loan with 0 interest for six months to one year. For 5 year loans, the rates are from 3-5%. With the help of Pride Legal, we can assist you through the loan application process.
Government Programs for Small Business COVID-19 Relief
The Economic Injury Disaster Loan Program allows for loans to be given to small businesses throughout the US. Even if your business has declined a loan, with this program you will be granted a loan no matter the circumstances. Under this program, you may be entitled to a $2 million capital loan to help with the temporary loss of revenue. Depending on the circumstances, you may have 30 years to pay back your loan. The payments may also be deferred for up to four years. The Paycheck Protection Program allows for loans to be guaranteed up to $10 million for lenders (banks, credit unions). These loans can be forgiven for 8 weeks at employees’ normal salary and using the loan for normal expenses. In the city of Los Angeles, you may apply for an emergency micro-loan. In cities such as San Francisco, there is a moratorium on renters collecting and evicting tenants who are not able to pay their rent for the month. These city given grants are enacted through April 17, but could be extended further. Pride Legal is here to help you apply for some of these loans, and seeing which one will work best for you.
Taxes
The original due date for filing your taxes was April 15. This has now been extended to July 15, and many other states are pushing the deadline even further. For tax payments over $10 million, the deadline has been pushed back for both businesses and individuals.
Contact Pride Legal
If you or a loved one is seeking small business COVID-19 relief, we invite you to contact us at Pride Legal for legal counseling or any further questions. To protect your rights, hire someone who understands them.
