7 COVID-19 resources for small businesses – January 2021

With new federal and state legislation enacted over the holidays, it can be challenging to sift through what’s available for businesses. Below, EDC has outlined seven new and ongoing support/resources available as businesses navigate impacts of COVID-19.

1. COVID Relief Grant Program

The State of California launched a $500 million COVID Relief Grant Program for small businesses that have been impacted by the pandemic and accompanying safety restrictions. Eligible underserved small businesses and nonprofits may apply for up to $25,000 in grant funds. Apply by Wednesday, January 13.

Please note: Applications are not first-come, first-served. Take the time to ensure your application is accurate via San Diego and Imperial SBDC Network‘s on-demand webinars (in English and Spanish).

2. Economic Injury Disaster Loan (EIDL)

The EIDL grant program has reopened applications for grants up to $10,000. Businesses that did not previously receive the grant can apply, with priority given to small businesses with less than 300 employees, located in low-income neighborhoods, and that have experienced a 30 percent reduction in gross receipts. Apply now.

3. Paycheck Protection Program (PPP)

Companies with fewer than 300 employees that have experienced a greater than 25 percent reduction in gross receipts will soon be able to apply for a second PPP loan, with priority given to hardest-hit industries. Companies may receive both a PPP loan and EIDL loan without compromising PPP forgiveness. PPP loans are nontaxable and will be forgivable if used for appropriate expenses. For more information, visit the SBA website.

4. San Diego County Small Business Stimulus Grant

Small businesses and nonprofits with fewer than 100 employees may apply to receive grant funding. Final awards will be made by individual district offices based on availability of funds, program guidelines, and the submission of all required information. Apply now.

5. Employee Retention Tax Credit

Companies may now receive a credit against employment taxes for up to 70 percent on $10,000 in wages per quarter (or a maximum $14,000 per employee through June 30). Employers that experienced a decline of more than 20 percent in gross receipts may apply. For more information, visit the IRS website.

6. Employee Training Panel COVID-19 Pilot Program

Manufacturers in select industry sectors including food and medical manufacturing may receive assistance for training new and rehired employees. The program provides a training off-set for as little as four hours of training per new or rehired employee earning at least $17.50 per hour. For more information, visit the State website.

7. California Competes Tax Credit

Companies of any industry, size, or location may apply for part of $180 million available in tax credits to relocate or stay and grow in California. For more information on eligibility and assistance, visit the State website or apply by January 25.

EDC is here to help. Request our help finding information, applying to these relief programs, and more, at no charge.

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For more COVID-19 recovery resources and information, please visit this page.

 

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