We are providing information for Small Businesses to navigate the resources available through the CARES Act. The information and links below are intended to assist business owners and individuals in obtaining the resources they need to get through this crisis.
Please contact us at Transparity Group (Info@TransparityGroup.com or call/text 949-607-7009 or 949-439-3208) if you have any questions or would like assistance with any of the resources provided.
Payroll Protection Program
Provides cash-flow assistance up to $10M to employers who maintain their payroll during this emergency. If the employer maintains payroll, the amount equal to up to 8 weeks of payroll plus money spent on mortgage obligations, lease obligations and utilities can also be forgiven.
How much can my business get: Download this FREE Payroll Protection Program Calculation tool to determine the amount you can receive under this program
How to apply: Complete this form and send it to us. We will forward to an SBA lender for you.
A tax credit equal to 50% of up to $10,000 in wages paid between March 12, 2020 and January 1, 2021.
How to receive the credit: Employers can reduce their required payroll tax deposit on Form 941 that has been withheld from employees’ wages by the amount of the credit.
Eligible employers are required to provide employees with paid sick leave if the employee is unable to work for reasons due to a COVID-19 circumstance. Credits are available for leaves starting April 1, 2020 through December 31, 2020.
How to take the credit: Employer will reduce the federal payroll taxes owed on Form 941 by the cost of qualified leaves.
Small businesses harmed by COVID-19 can apply for an SBA Economic Injury Disaster Loan and request an advance of $10,000 when applying. The advance does not need to be repaid under any circumstances. You will need Revenue and Cost of Goods sold for the 12 months ending January 31, 2020. Apply here. Transparity Group can help you put together the information you need.
Small Business Debt Relief Program
If you already have a non-disaster SBA loan, SBA will cover all loan payments, including principal, interest, and fees, for 6 months. This is also available to new borrowers who take out loans within 6 months of the President signing the bill into law.
Economic Impact payment
Payments will be sent automatically for taxpayers who filed returns for either 2018 or 2019 up to $1,200 for individuals, $2,400 for married couples and up to $500 for each qualifying child. Click here to check for updates.
Funds will be deposited into the bank account on the most recent tax return.
Aid for restaurant workers
The Restaurant Employee Relief Fund is providing grants to restaurant industry employees who have been adversely impacted by COVID-19. Apply for a $500 grant if you have been in restaurant and food service for at least 90 days in the past year.
California Unemployment Insurance
You can file for unemployment insurance through your state of residence. California Unemployment Insurance Claims can be filed here.
States are still in the process of determining how to add the additional $600 per week and extending benefits an additional 13 weeks as mandated by the CARES Act. Check here for updates.
COVID-19 Information & Free Payroll Protection Program Calculator ...