NEW CARE’S ACT ASSISTANCE: PPP, EIDL & EXPANDED
UNEMPLOYMENT BENEFITS
Paycheck Protection Program (PPP)
The PPP will be re-opening the week of January 11, 2021 for
new borrowersand certain existing PPP borrowers. If you have already received PPP, you may be eligible for a
second draw. Please contact the same lending institution you previously received PPP through if you are able to.
Important Dates:
- January 11, 2021: Participating Community Financial Institutions will be able to accept first draw applications.
- January 13, 2021: Participating Community Financial Institutions will be able to accept second draw applications.
- Shortly Thereafter: All additional participating financial institutions will be able to accept applications.
- March 31, 2021: Loans are available through March 31, 2021 OR until all allocated funds are exhausted.
Economic Disaster Injury Loans (EIDL)
This low-interest federal disaster loan for working capital to small businesses suffering substantial economic injury as a result of COVID-19 is available now. New Extended Deadline: December 31, 2021.
Expanded Unemployment Benefits
- Pandemic Unemployment Assistance (PUA, for those self-employed, freelancers or independent contractors, is extended until March 14, 2021, and the maximum number of weeks of eligibility is extended from 39 weeks to 50 weeks.
- Federal Pandemic Unemployment Compensation (FPUC), an additional payment for those collecting certain unemployment insurance benefits (including regular unemployment compensation, PUA and PEUC), is reinstated at $300 per week from the week after December 26, 2020 and runs through March 14, 2021.
- Pandemic Emergency Unemployment Compensation (PEUC), for those who have exhausted their regular unemployment compensation benefits, is extended until March 14, 2021 and the number of weeks of eligibility is extended from 13 weeks to 24 weeks.
Please note the following:
- Many accounts were suspended due to a high volume of fraud. The EDD is working to address these issues before the new federal funding rolls out. If your account was suspended, please continue to certify as usual. They will send you an email between January 6, 2021 and January 14, 2021 to upload your personal ID documents.
- If you were receiving Unemployment Insurance/Pandemic Unemployment Assistance and have not received monies, please continue certifying your unemployment as usual. The EDD hopes to begin sending out the new federal funds the week of January 11, 2021 or January 18, 2021. The additional $300/week will continue for 11 weeks.
- If there has been no movement on your account for 2 weeks, your claim will need to be directed to your local assembly member’s office. Please reach out to us at 805.409.9159 (ENGLISH) or 805.309.5874 (SPANISH).
Employee Retention Tax Credit (ERTC)
The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% to 70% of qualified wages up to $10,000 in the aggregate for all calendar quarters to $14,000 per calendar quarter for 2021 paid by an eligible employer whose business has been financially impacted by COVID-19.
Looking for one-on-one technical business consulting?
Call the EDC to set up your no-cost appointment at 805.409.9159 (ENGLISH) or 805.309.5874 (SPANISH).
Visit the Economic Development Collaborative’s
COVID-19 Business Resourcespage to access more information, resources and guides to help your business.
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