COVID-19 UPDATES: Federal and State Business & Individual Resources in Response to Coronavirus Pandemic*

*Continually Updated – This page will be updated when new information and resources become available

Recent Updates

UPDATE 09/10/20 – EXPANDED Riverside County COVID-19 Small Business Grant Assistance: The County of Riverside COVID-19 Business Assistance Grant Program has expanded to include additional eligible businesses including businesses that received a PPP Loan under $75,000.00. Grants up to $10,000.00 are available on a first-come, first-serve basis. Applications will be accepted beginning 09/16/20 until 10/30/20 at 5 pm. For more information and to apply for this grant, please visit www.RivCoBizHelp.org 

UPDATE 09/08/20– Unemployment Benefits & How they Affect You – Due to COVID-19 and the multiple Acts intending to aid taxpayers economically during these difficult times, many taxpayers are receiving additional unemployment benefits (including some individuals that normally do not receive unemployment funds). Unemployment benefits are taxable.  Recipients will receive a 1099-G from their state unemployment office, and these amounts must be reported on your federal tax return which could result in a tax liability. For more information visit https://www.irs.gov/pub/irs-pdf/p5444.pdf

UPDATE 09/02/20 – Eviction Ban Effective Immediately: The CDC has extended the eviction moratorium that expired on 07/31/20, to 12/31/20. This order is effective immediately and applies to individuals who meet specific qualifications. Some of these qualifications include income requirements, certification that they are unable to pay rent due to COVID-19, and that they are currently paying as much rent as they can afford. Unlike the previous eviction moratorium that only applied toward rentals with federally backed mortgages; this eviction moratorium applies to all rental units in the US. For a complete list of qualifications, please visit: https://www.federalregister.gov/documents/2020/09/04/2020-19654/temporary-halt-in-residential-evictions-to-prevent-the-further-spread-of-covid-19

UPDATE 08/28/20 – IRS Issues Guidance for Employee Social Security Tax Deferment: The IRS has issued guidance implementing the Presidential Memorandum issued on 08/08/2020 allowing employers to defer withholding and payment of an employee’s Social Security tax if wages are below $4,000 per bi-weekly pay period. This applies to wages paid starting 09/01/20 through 12/31/20. This notice postpones the time for employers to withhold and pay Social Security taxes until the period beginning on 01/01/21, and ending 04/30/21. Publication 20-65 can be found here https://www.irs.gov/pub/irs-drop/n-20-65.pdf
 

Business Resources and Pertinent Information

Small Business Funding Options – Loans & Grants

UPDATE 08/07/20 – EXPANDED Riverside County COVID-19 Small Business Grant Assistance: The County of Riverside COVID-19 Business Assistance Grant Program has expanded to include additional eligible businesses including sole proprietors with no employees and businesses that have received the SBA Economic Injury Disaster Loan. Grants up to $10,000 are available on a first-come, first-serve basis. Applications will be accepted until August 31, 2020 at 5pm. For more information and to apply for this grant, please visit www.RivCoBizHelp.org  

UPDATE 06/24/20 – City of Menifee CARES Grant Program: The City of Menifee is now accepting pre-applications for the Menifee CARES Grant program that will provide eligible businesses within the City of Menifee with a grant up to $5,000.00. This grant can be used for expenses such as payroll, working capital, purchase of PPE, rent or mortgage payments, and to pay vendor invoices. Pre-Applications are being accepted until July 2, 2020 at 4:00pm online and via email. For additional information on applying and eligibility requirements, please visit https://www.menifeebusiness.com/wp-content/uploads/2020/06/Menifee_GrantProgram_8.5x11_Flyer_Final_Web.pdf . The pre-application can be found here https://www.menifeebusiness.com/wp-content/uploads/2020/06/Menifee-SBP-App.pdf

UPDATE 06/09/20 – Paycheck Protection Program Flexibility Act: The PPP Flexibility Act will modify a few important areas of the program, including forgiveness requirements. Some of the amendments enacted that will affect forgiveness of the loan will include: extending the covered period from 8 weeks to 24 weeks, lowering the payroll requirement from 75% to 60%, and new safe harbor rules regarding full-time equivalent employees and rehiring. The new Act will also extend the loan payback term from 2 years to 5 years on amounts not forgiven. The SBA and the Treasury will be providing a modified loan application form and a modified loan forgiveness application form shortly. ARC Financial will be providing updates when additional information and modified applications are available. The press release from the Department of the Treasury can be found here https://home.treasury.gov/news/press-releases/sm1026

UPDATE 06/03/20 – Riverside County COVID-19 Small Business Grant Assistance: The County of Riverside is now accepting online applications for their small business assistance grant program. Businesses located in Riverside County with less than 50 employees who have had adverse impacts from COVID-19 can apply for a grant of up to $10,000.00. Businesses who have already received specific CARES Act Funding, such as the PPP or EIDL, are not eligible for the Riverside County Business Grant. For additional information on eligibility and to apply online for this grant, visit https://rivcoccsd.org/covidbizhelp

UPDATE 05/26/20 – City of Temecula Approved COVID-19 Emergency Relief Grants: The City of Temecula approved a half million dollars in aid for Temecula Small Business. This program titled, “Temecula Assist”, is a small Business Emergency Relief Grant for Temecula business owners for 2 different types of relief related to COVID-19: Rent Recovery and Job Retention and Business Improvement. The first will provide Temecula small businesses with grant up to $10,000 for expenses such as rent, mortgage, and payroll. The second program will provide Temecula small businesses with a grant up to $5,000 in order to update your business to coincide with new health related requirements. To apply for this grant and for more information on requirements and eligibility visit https://temeculaca.gov/1406/Temecula-Assist

UPDATE 04/27/20 – Additional Funding for Paycheck Protection Program Forgivable Loans Available Now:  The Small Business Administration will resume accepting Paycheck Protection Program applications from lenders beginning Monday, April 27^th, 2020. Please visit your banking institutions website to apply for the Paycheck Protection Program Loan as soon as possible. These loans are funded on a first come first serve basis. Visit www.sba.gov for a list of SBA Lenders or go to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program for additional information on the program

UPDATE 04/02/20 – Paycheck Protection Program Forgivable Loans Applications Begin 04/03/2020: Small businesses and sole proprietors can begin applying tomorrow, 04/03/2020, with their banking institutions. Independent contractors and self-employed individuals can begin submitting applications on 04/10/20. Please visit your banking institutions website for additional information and to apply online. Most, if not all banking institutions will require online applications. In addition, some banks are requiring you to be a current customer on or before specific dates. Go online to your bank to confirm requirements and program availability. Visit www.sba.gov for a list of SBA Lenders or go to https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp#section-header-4 for additional information on the program.

Small Business Guidance & Loan Resources: There are multiple resources that can help businesses survive and retain employees during this time. The SBA has the following loan programs available:

Paycheck Protection Program

Small businesses may qualify for a loan up to $10 million determined by average payroll plus 25%, Loan payments will be deferred for 6 months, and the SBA may forgive a portion of the loan up to 100% if certain requirements are met and loan is used to pay certain expenses.

Economic Injury Disaster Loan & Loan Advance

Small business owners are eligible to apply for an economic injury disaster loan up to $2 million, Eligible to apply for a loan advance up to $10,000 – this will not have to be repaid, and Funds will be made available within 3 days of successful application

SBA Debt Relief

The SBA will pay principal and interest of new 7(a) loans issued prior to 09/27/20 or The SBA will pay principal and interest of current 7(a) loans for a period of 6 months

SBA Express Bridge Loans

Small businesses who currently have a business relationship with an SBA Express Lender can access up to $25,000 with less paperwork and Can be used as a term loan or to bridge the gap while applying for an Economic Injury Disaster Loan

For more information and to apply for any of these resources, visit https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-2

COVID-19 Update – Disaster Relief Loans for Small Businesses: The Small Business Administration is currently offering low interest federal Disaster Relief Loans to small businesses to help alleviate economic injury and loss of revenue caused by the Coronavirus. Businesses can apply online at https://www.sba.gov/funding-programs/disaster-assistance

State of California Sales Tax

COVID-19 Update – Sales Tax Relief: The California Department of Tax & Fee Administration is providing taxpayer relief in response to the current State of Emergency.  This relief can include requesting extensions for filing returns and relief of interest and penalties. Taxpayers MUST REQUEST THIS RELIEF. This can be done online or in writing via email or letter. Additional information can be found at https://www.cdtfa.ca.gov/

Federal & State Payroll Tax

COVID-19 Update – Paid Sick Leave & Employer Reimbursement: The Families First Coronavirus Response Act requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.  These provisions will apply from 04/01/2020 – 12/31/2020. Employers will receive 100% reimbursement for paid sick leave pursuant to the Act. This guidance will be released in the coming weeks. See https://www.irs.gov/coronavirus and select News Release IR-2020-57 for more information.

COVID-19 Update – Extension to File and Pay California Payroll Tax: If you are experiencing a hardship as a result of COVID-19, you may request up to a 60-day extension of time from the EDD to file your state payroll reports and/or deposit state payroll taxes without penalty or interest. A written request for extension must be received within 60 days from the original delinquent date of the payment or return. For the mailing address and other information, select https://www.edd.ca.gov/about_edd/coronavirus-2019.htm

Individual Resources and Pertinent Information

UPDATE 05/06/20 – CARES Act Higher Education Emergency Relief Fund:  The Higher Education Emergency Relief Fund directs colleges and higher education institutions to use funds they received to provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to COVID19. The student must already have a FAFSA on file and must have been an on-campus student prior to March 13, 2020. Students who were exclusively enrolled in online or distance education courses are not eligible for this grant. Students need to contact their institution for further guidance on applying for this grant. For more information, visit your college website or go to https://www2.ed.gov/about/offices/list/ope/caresact.html

Economic Impact Payments

UPDATE 04/13/20 - COVID-19 Update – IRS Tool to Enter Direct Deposit Information for Non-Filers: The IRS and Treasury have launched the web tool, “Non-Filers: Enter Your Payment Info”, that will allow non-filers to quickly register information in order to receive their Economic Stimulus Payment. This tool is for individuals who did not file their 2018 or 2019 tax returns due to low income or who were not required to file for other reasons. This is not for taxpayers who have filed 2018 and/or 2019 returns but just need to update their payment information. That web tool, “Get My Payment”,  will be available in mid-April and will allow tax filers to check payment status, confirm and edit payment type and bank information, and update your mailing address. Both systems and additional information can be found here https://www.irs.gov/coronavirus/economic-impact-payments

UPDATE 04/07/20 - COVID-19 Update – Do you need to file a simple tax return to get your Economic Impact Payment (EIP) from the IRS:  Taxpayers who have not had to file a tax return for the last 2 years AND don’t receive Social Security payments should file a simple EIP return in order to receive their payment from the IRS. ARC can help! Contact us today to schedule a virtual appointment to get your simple return filed and make sure you receive your stimulus payment!

UPDATE 04/02/20 - COVID-19 Update – IRS Warns about COVID-19 Related Scams: The IRS is urging taxpayers to be on the lookout for calls and email phishing attempts about COVID-19 and the Economic Impact Payments (stimulus payments). The IRS reminds taxpayers that the IRS will not call you to verify or provide your financial information. Remember not to click or open email attachments or links that appear to be coming from the IRS.  Taxpayers should also watch out for text messages, websites, and social media attempts that request money or personal information. For the most up to date information on Economic Impact Payments, go to https://www.irs.gov/coronavirus

COVID-19 Update – Economic Impact/Stimulus Payments: The IRS has provided additional details regarding the payments individuals will receive in response to the pandemic. The payments will begin to be distributed automatically in the next three weeks.  The news release includes information on who is eligible, how the IRS will send payments and actions individuals can take to make sure their payment is sent to the right place. For detailed information, the link below will take you directly to the IRS website News Release: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Taxpayers who Have Not Filed 2018 returns could affect mailing of stimulus checks : The IRS is encouraging those who haven’t filed to act now. Individuals who have not filed 2018 returns could potentially affect the mailing of their proposed stimulus checks. If individuals have not filed 2016 returns, those returns are due by April 15, 2020 and this deadline has not been extended. Act now to ensure you are up to date and are able to receive a stimulus check if qualified.

Individual Rent & Homeowner Relief

COVID-19 Update - CA Eviction Moratorium & Mortgage Relief: California issued a statewide moratorium on residential evictions for renters who cannot pay rent due to COVID-19 related hardships. Specific Banks and Credit Unions are also providing relief for homeowners, including a 90 day grace period for all mortgage payments and no new foreclosures for 60 days. To find information on what to do if you can’t pay your rent and a listing of banks and credit unions participating in relief for homeowners, visit https://covid19.ca.gov/get-financial-help/#top

Income Tax Relief

COVID-19 Update – Income Tax Returns & Payments: The Department of Treasury and IRS have extended the Federal Income Tax return and payment due date from April 15^th, 2020, to July 15^th, 2020. This provides individuals and businesses additional time to file and make payments without interest or penalties. It is encouraged that all taxpayers who may have tax refunds should file as soon as possible to receive those refunds.

COVID-19 Update: IRS Announces People First Initiative: This initiative has been unveiled to help people facing challenges due to COVID-19. Some of the changes related to this initiative include postponing payments related to Installment Agreements and Offers in Compromise in collection and limiting certain enforcement actions. Click the link below to visit the IRS website and view the press release with additional details. https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

State of California Unemployment Options

UPDATE 04/27/20 - COVID-19 Update – CA Pandemic Unemployment Assistance for Self-Employed Individuals - The EDD will begin accepting online applications on April 28^th, 2020. The California Employment Development Department has issued new guidance and rulings regarding Pandemic Unemployment Assistance (PUA) for business owners, self-employed, independent contractors and other individuals who would not normally be eligible for state unemployment benefits as part of the federal CARES Act. Click the link below for eligibility requirements and how to apply for benefits once the program opens. https://www.edd.ca.gov/about_edd/coronavirus-2019/pandemic-unemployment-assistance.htm

UPDATE 04/09/20 - COVID-19 Update – CA Pandemic Unemployment Assistance for Self-Employed Individuals: The California Employment Development Department has issued new guidance and rulings regarding Pandemic Unemployment Assistance (PUA) for business owners, self-employed, independent contractors and other individuals who would not normally be eligible for state unemployment benefits as part of the federal CARES Act. This is a brand new program and California EDD is currently implementing programming, forms, and processes. Click the link below for updates on when this program will be available, eligibility requirements and how to apply for benefits once the program opens. https://www.edd.ca.gov/about_edd/coronavirus-2019/pandemic-unemployment-assistance.htm

COVID-19 Update – Unemployment Options: The California Employment Development Department has issued new guidance and rulings regarding benefit programs including unemployment insurance, paid family leave, and disability insurance. Filing a claim for these programs can be done online. This includes benefits for caregiving, quarantine, and reduced work hours. Additional information on qualifying and applying for these benefits can be found at https://www.edd.ca.gov/about_edd/coronavirus-2019.htm