Coronavirus Business Update

In these final times as Oakley Economic Development finds itself, the most up-to-date information and information is being made available to the business update community.

Small business update can also apply for the payroll program. The program opened on Friday April 3rd. This is a 100% guaranteed loan for employees. The maximum loan amount is estimated at last year's salaries of up to $ 10 million. The loan is made for eligible costs that include labor, interest, rent and tools. However, at least 75% must be spent on salaries. Your payments will be deferred for six months. You can find details HERE.

Companies can apply for protection programs for wage and salary control. Contact your lender or find a small business update center HERE for help.

Small Business Update Debt Relief - If you are a current borrower under SBA 7 (a), 504 credit, or microcredit, you are eligible for debt relief and the SBA will cover all loan payments for 6 months. You can find all SBA programs HERE.

IN THE WORK PROGRAM:

Employers who experience a slowdown in their business or services due to the economic impact of the coronavirus can apply to the California State Employment Development Department (EDD) for the UI Jobs Schedule.This program allows employers to look for an alternative to layoffs - by keeping their trained staff, by reducing their hours and wages, which can be partially offset by UI benefits. Employees from employers eligible to participate in the work sharing plan receive unemployment insurance every week based on a reduced hourly rate and wages that cannot exceed 60 percent.

Visit the job sharing program to find out more about the benefits for employers and employees as well as how to apply.

POSSIBLE END OR HOLIDAY:

Employers planning a closure or significant layoffs due to the coronavirus can get help through the Rapid Response program.The Rapid Response Team will meet with you to discuss your needs, decline potential layoffs, and provide immediate on-site services to assist employees with job losses. For more information, see the Business update Emergency Services Newsletter (DE 87144RRB) or the California Job Center in America.

INSPECTION SUPPORT:

California offers full support to small business update  and employers affected by COVID-19. Contains:

Interest-free small business sales / tax deferral of up to $ 50,000 for businesses with taxable sales of less than $ 5 million.

TAX REDUCTION FOR SMALL BUSINESS

What must taxpayers do to benefit from California's tax and tax administration opportunities?

Interested taxpayers should contact CDTFA at cdtfa.ca.gov or by phone at 800-400-7115.

When do taxpayers start these payment plans?

With the April sales and tax registration deadline set at the end of July for all but the largest taxpayers, CDTFA expects most of the participating taxpayers to begin their payment arrangements by the end of July. for the current year.

How do payment plans work?

Eligible Sale and Use Taxpayers with deferred debt up to $ 50,000 will pay their taxes in 12 equal monthly installments. No interest or penalties are added to the debt.

Does this only apply to tax payments in the first quarter of 2020?

If taxpayers use this program to distribute the advance in May or June or their repayments in July, CDTFA will work to cover those taxpayers.

What if taxpayers owe more than $ 50,000 in relief?

The maximum amount a taxpayer can defer interest-free during these relief efforts is $ 50,000.

What if taxpayers with annual taxable income greater than $ 5 million need this relief?

We know that some taxpayers, especially those in low-margin businesses with annual taxable income in excess of $ 5 million, can benefit from this relief.