Coronavirus has obviously had such an unprecedented impact on our communities, our economy, and our businesses. We wanted to help support the contractors that we work with by sending you some information, guidance, and resources to support members of our industry through this challenging time.
First, we want to remind contractors that we are featuring you on our website. We’ve developed a special referral page with a contractor’s map to route potential customers to your business. We are actively working to promote your business through our website and our social media channels every day.
It’s important that you continue to market your business at this time. Many customers are unsure of what businesses are open and what businesses are closed. Having even a simple website and social media presence to update your customers and share that you are still open as an essential business, can go a long way in getting new clients during this difficult time.
Business Resources: Some businesses will, unfortunately, take a huge financial hit due to the COVID-19 crisis. What resources are available to your company for financial aid and relief?
The Coronavirus Aid, Relief and Economic Security (CARES) Act will allow small- and medium sized businesses to receive federal loans – in some cases forgivable – to cover payroll and other expenses. Read more about the available relief here, along with the Small Business Owner’s Guide to the CARES Act.
One specific part of the CARES Act is the availability of Paycheck Protection Program loans – read more about them here.
The CARES Act includes an Employee Retention Credit (ERC), which encourages businesses to keep employees on their payroll. The IRS has issued FAQ, and you can also read this article for analysis of the guidance.
Additionally, disaster loans may be available from the Small Business Administration (SBA) for businesses with under 500 employees. See the SBA website for more information and guidance, including a Table of Size Standards to help you determine whether your company qualifies as a small business. A chart showing the different types of loans available through the SBA, including under the CARES Act, can be viewed here.
Tax credits will also be available to help businesses defray the costs of providing the new types of leave under the Families First Coronavirus Response Act (FFCRA). Read the latest information here.
If you’ve had to let some of your employees go during this time, what benefits are available to your employees through the state? For more details, please visit the Employment Development Department (EDD) COVID-19 website:
State Disability Benefits (SDI) Who is eligible? Individuals who have or have been exposed to COVID-19, including being quarantined (requires medical documentation). What is provided? 60-70% of wages provided up to $1,300.00 per week depending on income, for up to 52 weeks; unpaid one-week waiting period is waived for this situation
Unemployment Insurance (UI) Who is eligible? Workers with reduced hours due to COVID 19 related reasons. What is provided? Up to $450/week for 13-26 weeks; unpaid one-week waiting period is waived for this situation (NOTE: Additional federal funds have also been authorized to help states manage increased claims as part of the FFCRA.)
Paid Family Leave (PFL) Who is eligible? Individuals with full or partial loss of wages due to caring for an ill or quarantined family member with COVID-19 (requires medical documentation). What is provided? 60-70% of wages up to $1,300.00 per week depending on income, for up to 6 weeks.
We hope that these resources have been helpful to you!
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