CURRENT COVID-19 BUSINESS RESOURCES
Loan Opportunities
Paycheck Protection Program (PPP)
Potentially fully forgiven loan for businesses, nonprofits, veteran organizations, tribal concerns, self-employed individuals, independent contractors and other eligible borrowers keep their workforce employed during COVID-19.
DEADLINE: March 31, 2021
Economic Injury Disaster Loan (EIDL)
Low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19.
DEADLINE: December 31, 2021
California Rebuilding Fund
Loan program to support California’s small businesses (especially those located in economically disadvantaged and historically under-banked areas of the state) that are flexible, transparent and are designed to help businesses access the capital and advisory services they need to get through these challenging economic times.
SBA Express Bridge Loan
Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly providing vital economic support to small businesses to help overcome the temporary loss of revenue while applying for a direct SBA Economic Injury Disaster loan.
EDC Loan Program
Affordable capital can be accessed through the EDC Loan Program. Each applicant is paired with one of our top tier financial advisors to ensure that you have the best access in reaching the capital you need. With five regional loan funds and low-interest rates, the EDC maintains a commitment to reaching underserved communities.
Grant Opportunities
CA Small Business COVID-19 Relief Grant Program
Lendistry with the CA Small Business COVID-19 Relief Grant Program will be opening 4 additional rounds of applications.
Round 3: For waitlisted applicants from Round 1 & 2 only. No new applications will be accepted. Selection notifications will start March 5, 2021.
Round 4: Accepting applications for non-profit arts and cultural institutions. Eligible non-profit cultural institutions must complete a new application even if they already applied in Rounds 1 and 2. Application window opens March 16, 2021 and closes March 23, 2021.
Round 5 & 6: Information coming soon.
Shuttered Venue Operators Grant (SVOG) Program
Grants for live venue operators, performing arts organizations, motion picture theater operators, cultural institutions and other eligible applicants. Funding can be used for specific expenses, such as payroll, rent, utilities and other costs.
The SBA is NOT yet accepting SVOG applications. To receive a SVOG or access any federal government grants, your business will need to register for a free System for Award Management (SAM) number. Visit
sam.gov to register to do business with the U.S. government or update/renew your entity registration. Do not register for a SAM number on any other website or pay for a SAM number.
County of Santa Barbara Rental and Utility Grants
Emergency rental and utility assistance for eligible County of Santa Barbara residents that have experienced a loss of income due to the COVID-19 pandemic and can demonstrate the need for rental support.
COVID-19 Joint Response Effort for Santa Barbara County
Grants to individuals for those disproportionately impacted by COVID-19 and the economic consequences of the pandemic and organizations actively engaging COVID-19 assistance efforts, providing essential services, reduced services due to COVID-19 and need operating support.
ROLLING DEADLINE
Tax Credits
Employee Retention Tax Credit
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act.
Learn more about recent changes and how to access ERTC
CLICK HERE.
Worker Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment, including qualified long-term unemployment recipients.
DEADLINE: The Consolidated Appropriation Act, 2021 authorized the extension of WOTC until December 31, 2025.
Social Security Employee and Employer Portion Deferral
The payroll tax deferral period for social security tax began on March 27, 2020 and ended December 31, 2020.
DEADLINES: The deferred deposits of the employer’s share of Social Security tax must be deposited
- On December 31, 2021, 50 percent of the eligible deferred amount ; and
- On December 31, 2022, the remaining amount.
Sales and Use Tax Extension to File and Pay
Small businesses are encouraged to use the sale tax they have already collected to float any applicable obligations.
For a full schedule of program and tax due dates
CLICK HERE.
Unemployment Benefits
Unemployment Insurance (UI) Benefits
Unemployment benefits are available for self-employed individuals and employees. If you have lost hours or wages due to the impact of COVID-19 apply for unemployment with the EDD.
Pandemic Additional Compensation
An additional $300 federal stimulus payment automatically added to each week of benefits received from December 27, 2020, through March 13, 2021 (11 weeks). The EDD will automatically add the federal unemployment compensations to each week of benefits that you are eligible to receive. Pandemic Additional Compensation is also known as the Federal Pandemic Unemployment Compensation (FPUC).
Pandemic Unemployment Assistance (PUA)
Provides unemployment benefits for people who don’t usually qualify for regular state Unemployment Insurance, including business owners, self-employed workers, independent contractors or those with a limited work history who are out of business or have significantly reduced their services as a direct result of the pandemic.
Pandemic Emergency Unemployment Compensation (PEUC)
A benefit extension for people who have used all benefits available in their regular Unemployment Insurance claim.
PLEASE CALL IF YOU NEED ASSISTANCE
The EDC SBDC call team and experienced advisors are available to answer questions and help you navigate today’s complex business environment. The Economic Development Collaborative hosts the Small Business Development Center and is funded in part through a cooperative agreement with the U.S. Small Business Administration. Signing up as a client takes just a few minutes and provides you lifetime access to all of our no-cost services.
Get started today with our no-cost consulting by calling
805.409.9159 (ENGLISH) or 805.309.5874 (SPANISH).
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