There are several loan options for businesses affected by COVID-19. To get started, it is recommended that potential borrowers sign up as a client with SBDC online.
Economic Injury Disaster Assistance Loan
Up to $2 million in financial assistance for small businesses. To apply visit https://sba.gov/disaster. For assistance, contact the U.S. Small Business Administration (SBA) Disaster Customer Service Center at 800-659-2955 or email firstname.lastname@example.org.
Economic Injury Disaster Loan Emergency Advance
This provides an emergency loan advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19. Click here for more information.
Jump Start Loan Program
Jump Start provides microloans, technical assistance and financial literacy training. Loan amounts range from $500 to $10,000. Loan proceeds may be used for a variety of legitimate business needs. For more information visit iBank.ca.gov.
Small Business Debt Relief Program
Provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504 and microloans. Click here for more information.
Small Business Disaster Relief Loan Guarantee Program
In response to the Coronavirus (COVID-19) pandemic, this disaster program provides guarantees for loans up to $50,000 for small businesses in declared disaster areas. These loan guarantees for small businesses will help eliminate barriers to capital for individuals who do not qualify for federal funds, including low wealth and undocumented immigrant communities. Small businesses located in California with 1-750 employees that have been affected by COVID-19 and eligible non-profits are eligible to apply. Please visit ibank.ca.gov for more information.
Small Business Relief Payment Plans
Effective April 2, 2020, small business taxpayers, those with less than $5 million in taxable annual sales, can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability. Please visit ca.gov for more information.
CDC Small Business Finance Emergency Loans: CDC Small Business Finance is offering emergency microloans and working capital loans in addition to their usual loan offerings due to the COVID-19 crisis. Click here for the details on their different loan programs.
AMPAC Micro and Refinance Loans: They offer several different loans to small businesses and are offering micro and refinance loans to small businesses affected by COVID-19. For details on their different types of loans, click here.
Riverside County Small Business Loans – Click here to review Riverside County’s Economic Development Agency financial assistance loans.
College Access Tax Credit (CATC) provides a tax credit to taxpayers and businesses who contribute to Cal Grants, the State of California’s largest source of educational financial aid. The credit can be used to offset or reduce taxes. Cal Grants provide aid to in need California undergraduates, vocational training students and those in teacher certification programs. These grants help California students achieve their higher education goals. Visit the CATC website for more details.
California Competes Tax Credit (CCTC) is an income tax credit available to businesses that want to locate in California or stay and grow in California. Businesses of any industry, size, or location compete for over $180 million available in tax credits by applying in one of the three application periods each year. Applicants will be analyzed based on twelve different factors of evaluation, including number of full-time jobs being created, amount of investment, and strategic importance to the state or region. For more information, click here.
Manufacturing and Research & Development Partial Sales and Tax Exemption manufacturers and certain research and developers may qualify for a partial exemption of sales and use tax on certain manufacturing and research and development equipment purchases and leases. For more information, visit cdtfa.ca.gov.
The Business Energy Investment Tax Credit (ITC) is a Department of Energy tax incentive that provides rebates to businesses when they use alternative energy, including solar. Visit the Database of State Incentives for Renewables & Efficiency website (DSIRE) for the latest state and federal incentives and rebates.