Benefits for Businesses
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
Aimed to provide financial relief to California Small Businesses. | California Small Business COVID-19 Relief Grant Program | The amount of grant funding ranges from $5,000 to $25,000. Businesses are eligible based on their annual revenue as documented in their most recent tax return. Visit Careliefgrant.com for more information | Visit Careliefgrant.com for more information | Visit Careliefgrant.com to learn how to file for relief. |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
One of the most prevalent contractual clauses that may influence rights, remedies, and obligations of businesses | A force majeure event refers to the occurrence of an event which is outside the reasonable control of a party and which prevents that party from performing its obligations under a contract | A force majeure clause is a contract provision that relieves the parties from performing their contractual obligations when certain circumstances beyond their control arise | Please visit econdev.laquintaca.gov | Please review your contract to determine if there is a force majeure provision |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of training, counseling, and microloans | A collection of microlenders who can provide loans of up to $75,000 to small businesses | Small business loans and a diverse coalition of community leaders dedicated to improving small business development | Please visit microbizinsocial.org | Please visit microbizinsocial.org |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of critical and necessary business financing | To provide "appropriate" assistance to businesses, which in turn will allow them to expand and diversify, create and/or retain jobs, and increase the commercial and industrial base of the community | Affordable rates and terms, maximum repayment term of 10 years | Please visit rivcoeda.org | Please visit rivcoeda.org |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of assistance for workforce costs, rent payments, operational costs, and marketing costs. | Facebook has created a small business grant that is set to give $100 million in cash grants and ad credits | Free grant money to businesses experiencing challenged from COVID-19 | Please visit Facebook.com | To apply, please visit Facebook.com |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of a working capital loan | Opportunity Fund provides working capital loans from $2,600 to $250,000 | The loan term is typically 12 to 60 months depending on the type of loan taken and the amount. There is no application fee or prepayment penalty. The repayment schedule is scheduled to match the business’s cash flow. | Please visit Opportunityfund.org | To apply, please visit Opportunityfund.org |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your business is unlikely to get a traditional loan | Micro-lender who could give loans from $300 to $250,000 | The loan requirements differ depending on the location of the business and the type of loan | Please visit us.accion.org | To apply, please visit us.accion.org |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of a new loan | Lendistry offers different types of loans including term loans, express business line of credit loans, and revolving line of credit loans | Their APR is typically between 6.75% and 16%. The repayment schedule is fixed monthly payments | Please visit lendistry.com | To apply, please visit lendistry.com |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of access to capital | Loans provided are between $10,000 and $200,000, with terms around 1-5 years and 7-13% fixed interest rate depending on circumstances | There is no minimum credit score requirement, but Pacific Community Ventures prefers for the businesses to have proof they are profitable | Please visit pacificcommunityventures.org | To apply, please visit pacificcommunityventures.org |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of a new loan | The maximum size of a loan made in connection with the MSELF cannot exceed (i) 35% of the Eligible Borrower’s existing outstanding and undrawn available debt that is pari passu in priority with the Eligible Loan and equivalent in secured status | This loan is for 4 years with the 1st year deferred. It has a 5% risk retention and a LIBOR rate of +3%. The loan is nonforgivable and must be repaid 15% in the 2nd year, 15% in the 3rd year, and 70% in the 4th year. | Please visit iscs.com | To apply, please visit iscs.com |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of a new loan | The maximum size of a loan made in the Eligible Borrower’s existing outstanding and undrawn available debt, exceed six times the Eligible Borrower’s adjusted 2019 EBITDA | This loan is for 4 years with the 1st year deferred. It has a 15% risk retention and a LIBOR rate of +3%. The loan is non-forgivable and must be repaid 15% in the 2nd year, 15% in the 3rd year, and 70% in the 4th year | Please visit icsc.com | To apply, please visit icsc.com |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of a new loan | The maximum size of a loan made in the Eligible Borrower’s existing outstanding and undrawn available debt, exceed four times the Eligible Borrower’s adjusted 2019 EBITDA | The loans are for 4 years with the 1st year deferred. In the last 3 years, 33.33% of the loan amount must be repaid annually. This loan is not forgivable and has risk retention of 5%. It has a LIBOR rate of +3% | Please visit icsc.com | To apply, please visit icsc.com |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If you are currently enrolled in school and were receiving work-study grants and actively working in a work-study job prior to COVID-19 | Relief provided through the CARES Act that offers funding for students in work-study programs that were impacted by COVID-19. | The federal work-study program provides part-time jobs to students with financial needs allowing them to earn money to help pay education expenses. The program is offered through the Department of Education and administered directly by the financial aid office at participating schools. | Students in the program may be eligible for payment for lost wages due to COVID-19. Eligible students may be paid all or part of the wages they would have made had they continued working. | Students who believe they are eligible should contact their school’s financial aid office. Additional information about this program can be found online at studentaid.gov |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If you are in need of economic support to help overcome the temporary loss of revenue | Low interest disaster loans to help business recover from declared disasters | SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance. The interest rate is 3.75% for small businesses | Please visit SBA.gov |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If you are a business or individual with urgent financial needs | Jewish Free Loan offers interest-free loans on a non-sectarian basis to those affected by Coronavirus | Loans up to $10,000 can be turned around in a matter of days. No fees. No interest | Please visit JFLA.org |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your business is experiencing capital access barriers in light of a declared disaster | Provides loan guarantees and direct loans for small businesses | Loans up to $20 million; max guarantee $1 million, guaranteed up to 7 years (term can be longer); and guarantees up to 80-95% of loan | Please visit iBank.ca.gov | Please visit pcrcorp.org/california-small-business-loan |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If you are a low-to-moderate income (LMI) business owner or operate a business in a LMI community | Provides microloans, technical assistance and financial literacy training | Loan amounts range from $500 to $10,000. Term up to 5 years, fully amortized | Please visit iBank.ca.gov | Please visit iBank.ca.gov to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of financial assistance to cover shortfalls | Provides a microloan to assist with rent, payroll, utilities, and insurance payments due to COVID-19 | Loans up to $50,000, and can be received in 5-7 days. The interest rate is 3.25%. for small businesses | Please visit C-19 Microplan | Please visit CDCloans.com to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of financial assistance to cover shortfalls | Provides a microloan to assist with rent, payroll, utilities, and insurance payments due to COVID-19 | Loans up to $150,000. The interest rate for small businesses depends on personal credit history. It will be between Prime + 2.75-6.0% | Please visit C-19 Microplan | Please visit CDCloans.com to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If you are in need of financial support to cover general business needs | Provides a general microloan to assist with small business needs such as inventory and working capital | Loans up to $50,000. The interest rate is generally around 8%. Funds can be received in 2-4 weeks | Please visit CDCloans.com | Please visit CDCloans.com to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of general financial assistance | Provides a general microloan to assist with small business needs such as inventory and working capital | Loans up to $250,000. The interest rate is prime + 2.75-6.0%. Funds can be received in 4-8 weeks | Please visit CDCloans.com | Please visit CDCloans.com to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
To protect employees by requiring that employers give a 60-day notice to the affected employees | An employer that fails to provide notice as required to a unit of local government is subject to a civil penalty not to exceed $500 for each day of violation | Rapid Response Teams to assist employers and workers during a mass layoff or plant closing | Please visit EDD.ca.gov | Email eddwarnnotice@edd.ca.gov |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If business interruption or slowdowns are causing you to consider layoffs | Business assistance to employees and employers | Full-time employees receive UI benefits, keep current job, and avoid financial hardships | Please visit EDD.ca.gov |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of financial assistance to cover disaster-related purposes | Provides direct loan assistance to small businesses located in communities impacted by Presidentially-declared disasters and disasters declared by SBA under its own authority | Up to $25,000 in loans for disaster-related purposes. The interest rate throughout the term of the loan cannot exceed the maximum SBA Express interest rate allowed of Prime + 6.5% | Please visit EBL Program Guide | Please visit EBL Program Guide to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of financial assistance to cover payroll and a quicker snap-back after a crisis | If employers maintain their payroll, the loans would be forgiven, as well as helping businesses and the economy snap-back quicker after the crisis | Forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year | Please visit PPL Loan Guide | Please visit PPL Loan Guide to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of financial assistance to cover substantial economic injury | These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan | Forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year | Please visit EIDL Guide | Please visit EIDL Guide to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans | SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months | This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law | Please visit Small Business Dept Relief Program Guide | Please visit Small Business Dept Relief Program Guide to apply |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need a business counselor to help guide you through this uncertain time, you can turn to your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter | These resource partners, and the associations that represent them, will receive additional funds to expand their reach and better support small business owners with counseling and up-to-date information regarding COVID-19 | Counseling is free and training is low-cost with these partners. The additional funds that Congress provided will help keep this possible. Mentor-ship through SCORE is always free | Please visit Counseling and Training program guide | To apply, Please visit Counseling and Training program guide |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of tax relief resources for business related taxes. | These tax resources help cover relief for business taxes, payroll taxes, sales taxes, property taxes, use taxes, and other special taxes | Each tax relief resource has various benefits including waived penalties and tax extensions | Please visit the tax relief guide | To apply, please visit the tax relief guide |
Why | What | Benefits | More Information | How to file |
---|---|---|---|---|
If your small business is in need of resources to understand what your employees are entitled to | The Labor & Workforce Development Agency (LWDA) wants to keep workers, employers, co-workers, and families safe by assisting with their informational guide | They are trying to make it easier and spread awareness through this centralized source of info to help businesses understand what employees are entitled to | Please visit the Labor and Workforce Development guide | To learn more, please visit the Labor and Workforce Development guide |