First, we hope everyone is safe, healthy, and entertained!
Many banks are supposed to have information on submitting the SBA application for the Payroll Protection Program Loan online today for small businesses. Independent contractors and self-employed should be able to apply around April 10th. This is the link for the application, would recommend reviewing it sooner rather than later, so everyone is ready when the banks are ready to start processing. https://www.sba.gov/document/sba-form–paycheck-protection-program-borrower-application-form
As of this morning, Chase Bank has some basic information, but is not yet accepting applications, Bank of America is indicating when they process applications it will be for existing business customers (as of February 15, 2020) only, Citibank, and Wells Fargo have not indicated how they will be handling these loans, and US Bank has a way to sign up to receive further information as it becomes available. We recommend checking your bank website for further details.
Governor Newson has announced to assistance California will provide to businesses:
· He announced a one-year sales tax reprieve to small businesses. This is effective April 2, 2020 for small businesses that have less than $5 million in taxable annual sales. These businesses can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability. Watch the California Department of Tax and Fee Administration website for further information https://www.cdtfa.ca.gov/services/covid19.htm#small-business-payment
· Most small businesses have until July 31, 2020 to file the firsts quarter sales tax returns, again watch the CDTFA website for more information.
· California has set up a fund for Small Business Disaster Relief Loans to be administrated through IBank , you can get more information at this website https://www.ibank.ca.gov/
IRS Stimulus checks
The IRS is hoping to send out the first payment by direct deposit in around two weeks. If the IRS does not have your direct deposit information, the US Treasury is working on a web-based portal for individuals to provide their banking information to the IRS. This will allow individuals to receive their payment immediately as opposed to checks in the mail. The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
Last but not least, we are working on launching a new website today, which will have all of these e-mails in one place for your future reference, or if you know of someone that needs the information.