Thursday, May 6, 2021

COVID Financial Assistance Available for Businesses

The Coronado Chamber of Commerce shares this information from the San Diego Regional Economic Development Council (EDC) with Coronado Businesses.

With continued changes to COVID-19 relief programs, it can be challenging to sift through what’s available. Below, EDC has outlined new and ongoing resources available in February 2021 as small businesses and manufacturers navigate the impacts of COVID-19.

CA Small Business COVID-19 Relief Grant Program

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Starting today, Tuesday, February 2, eligible underserved small businesses and nonprofits may apply for up to $25,000 in grant funds via the State of California’s $500 million COVID Relief Grant Program. Applications close Monday, February 8.

Please note: Applications are not first-come, first-served. Applicants who submitted their application and all documentation in the first round do not need to reapply. Qualified applications are automatically rolled over into this funding round for consideration.

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To qualify, businesses must:

  • Be active and operating since at least June 1, 2019 and have been impacted by COVID-19 and accompanying safety restrictions
  • Be currently operating or have a clear plan to re-open once permitted
  • Be able to provide evidence of between $1,000 and $2.5 million in annual gross revenue
  • Be able to provide organizing documents such as: 2018 or 2019 tax returns, Form 990s, or copy of official filing

Additional relief and resources

Economic Injury Disaster Loan (EIDL)

The EIDL grant program has reopened applications for grants up to $10,000. Businesses that did not previously receive the grant may apply, with priority given to small businesses with less than 300 employees, located in low-income neighborhoods, and that have experienced a 30 percent reduction in gross receipts. Apply now.

Paycheck Protection Program (PPP)

Companies with fewer than 300 employees, that have experienced a greater than 25 percent reduction in gross receipts, and have exhausted the first grant may apply for a second PPP loan. Priority goes to companies that haven’t received a first loan and those in heavily impacted sectors but all are encouraged to apply. Companies may receive both a PPP loan and EIDL loan without compromising PPP forgiveness. PPP loans are nontaxable and will be forgivable if used for appropriate expenses. Apply now.

San Diego County Small Business Stimulus Grant

Small businesses and nonprofits with fewer than 100 employees may apply to receive grant funding. Final awards will be made by individual district offices based on availability of funds, program guidelines, and the submission of all required information. Apply now.

Employee Retention Tax Credit

Companies may now receive a credit against employment taxes for up to 70 percent on $10,000 in wages per quarter (or a maximum $14,000 per employee through June 30). Employers that experienced a decline of more than 20 percent in gross receipts may apply. For more information, visit the IRS website.

Employee Training Panel COVID-19 Pilot Program

Manufacturers in select industry sectors including food and medical manufacturing may receive assistance for training new and rehired employees. The program provides a training off-set for as little as four hours of training per new or rehired employee earning at least $17.50 per hour. For more information, visit the State website.

For help submitting your application to these resources, contact EDC:
Help My Business

For more business resources, including information about relief programs, visit San Diego Regional EDC’s COVID-19 resource page.
COVID-19 Resources for Businesses

Sue Gillingham
Executive Director

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