The shelter-in-place restrictions deeply impact so many small business owners. ZümiFi is compiling an initial list of available resources. Still, of course, things are changing rapidly, and all business owners should stay abreast of how evolving programs and offerings might benefit their businesses:
Local, Municipal assistance:
- San Francisco assistance to offer EXTRA sick leave pay to employees – https://sf.gov/step-by-step/get-reimbursed-paying-your-sf-staff-extra-sick-time
- Artist or Arts Organization – grants are available through San Francisco to pay rent and salaries and to help artists stay in SF – https://www.cciarts.org/EmergencyRelief.htm
- Deferral of Business Taxes & Licensing Fees – https://sftreasurer.org/covid19
- Suspension of commercial evictions until 4/15
California State assistance:
- Waiver of the waiting period for new unemployment insurance claims
- Access to Work Sharing program, which allows for partial claims for the reduction of hours when there is a lack of work – https://www.edd.ca.gov/unemployment/Work_Sharing_Program.htm
- Request an extension to pay sales tax, payroll taxes, and income taxes, as well as relief from penalties and interest – https://www.cdtfa.ca.gov/services/covid19.htm#Relief
- The state income tax filing deadline has been extended to June 15, 2020
Federal assistance:
- The federal income tax filing deadline has been extended to July 15, 2020
- SBA Paycheck Protection Program – This program includes a significant “forgivable” portion of the loan that can cover up to 8 weeks of payroll, rent, and utilities https://www.sba.gov/funding-programs/loans/paycheck-protection-program
- SBA EIDL (Economic Injury Disaster Loan & Loan Advance) – a loan advance of up to $10,000 will be provided within three days of a successful application and will not have to be repaid. Loans themselves are lower-interest loans that may include principal and interest deferments – https://covid19relief.sba.gov/#/
- The Small Business Owner’s Guide to the CARES Act
Retirement Plans:
- CARES Act waives 10% early withdrawal penalties of up to $100,000 for certain hardship distributions
- Plans loans; adjust the limit for loans as well as payment terms
- Plan Amendments; plans can adopt rules immediately even if they do not currently have hardship distribution or loans
- Temporary waiver of Required Minimum Distribution Rules
All of these programs are things we are trying to stay abreast of to support our clients. That said, things are changing rapidly, and these are also not our areas of direct expertise. ZümiFi will continue to partner with your team of experts to determine which supports are best for your business, and of course, we encourage you to research these programs directly as well. Now more than ever, you will benefit from having a strong team of professionals advising you, and ZümiFi is honored to be a part of your team!