Recovery Aid: Resources for Businesses
The fact that businesses have suffered economic impacts due to recent wildfires and the COVID-19 pandemic is unfortunately not uncommon, however resources are available for eligible businesses to aid in recovery efforts.
The North Lake Tahoe Chamber has compiled the details that follow related to an Employee Retention Credit offered by the IRS, a COVID-19 Renewal Fee Relief program offered by ABC, Small Business Association Disaster Loan Assistance details and Venue Grants offered by the California Office of the Small Business Advocate.
Read on to learn more about eligibility, deadlines and how to find out more.
Employee Retention Credit
The Internal Revenue Service urges employers to take advantage of the employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. Eligible employers can claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021.
Learn more HERE.
ABC COVID-19 Renewal Fee Relief
The COVID-19 Renewal Fee Relief authorized the Department of Alcoholic Beverage Control to provide renewal fee waivers for two years to approximately 59,000 businesses heavily impacted by health and safety restrictions imposed in response to the COVID-19 Pandemic.
Between March 1, 2021 and February 28, 2023, certain license types, such as restaurants, bars, and other specified on-sale licenses are eligible for a waiver of their annual license renewal fees by the ABC.
Learn more HERE.
SBA Disaster Loan Assistance
The Small Business Association provides low-interest, long-term loans for physical and economic damage caused by a declared disaster.
If your business has suffered substantial economic injury and is one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):
- Small Business
- Small agricultural cooperative
- Most private nonprofit organizations
Loan Amounts and Use
Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage.
Eligibility and Terms
The interest rate on EIDLs will not exceed 4 percent per year. The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan.
EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
A business may qualify for both an EIDL and a physical disaster loan. The maximum combined loan amount is $2 million.
How to Apply
Apply online for an SBA disaster assistance loan HERE.
You must submit the completed loan application and a signed and dated IRS Form 4506-C giving permission for the IRS to provide SBA your tax return information.
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
Learn more HERE.
Grants of up to $250,000 are available to eligible performing arts venues – including nonprofits -- through The California Office of the Small Business Advocate. The short application window for the California Venues Grant Program will be open from October 29 to November 19. The program is designed to assist venues in California impacted by COVID-19.
A webinar will be offered to answer questions about eligibility, information required to apply, and how to complete the online application, with an emphasis on how nonprofits qualify for the program.
If your organization meets the eligibility criteria, you can still receive a grant even if you already received a California Relief Grant, a federal Shuttered Venues Operators Grant, or other federal support such as PPP or EIDL. Unlike the CA Relief Grant, there is no maximum revenue cap to qualify.
Sign up for the upcoming free webinar (even if you can’t attend, you’ll receive the recording):
Webinar: How to Apply for the California Venues Grant Program
Wednesday, November 10
2 pm - 3pm
Register now HERE.