SLO County Attestation Approved, Now Moving into Later Stage 2
Later Stage 2 includes dine-in restaurants and destination retail, which will be permitted to re-open with modifications and precautions. Assuming the individual businesses have implemented the State's health and safety guidelines (available HERE ), retail can now open for in-store shopping, offices can open fully, and restaurants can open for in-dining services.
Steps to Reopen:
1. Read and implement the guidelines for your industry. Train your employees on the guidelines.
2. Use the checklist to ensure your business complies with the guidelines.
3. Fill out the SLO County Self Certification Form
The County of San Luis Obispo has created a self-certification form and "Open and Safe" signage for all businesses to utilize as they are allowed to re-open. The form and signage can be found by clicking HERE.
4. Print and post this at your business
5. Use the Ready to Reopen toolkit for signage to let the public know your business is safe and ready to reopen!
In preparation for the phased reopening of our economy, the SLO Chamber is compiling a comprehensive list of businesses in our region that are selling protective equipment and cleaning supplies. If your business is currently selling PPE, please fill out this short form below so we can help connect your resources to businesses in need of them.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
To find Eligible Local Lenders for PPP assistance by Zip Code, click here.
Video Webinar: Accessing Federal Funds
In this webinar, you will hear updates from SBDC Director Judy Mahan as well as local and national banking perspectives from Greg Bland and Lindsay Waylett on how they are managing administration of the SBA loan programs. Areas of focus include the Economic Injury Disaster Loan, Payroll Protection Program, Disaster Bridge Loan, 7(a) Forgiveness Program and ways your business can access them.
What alternatives are there for those employers who want to keep as many employees as possible but haven’t received word from their SBA lender about the status of their loan application?
Wait for Congress to authorize more funding and continue with the PPP Loan application process.
Decide instead to take advantage of the Employee Retention Tax Credit Please note: Employers using the Employee Retention Credit are no longer eligible for the PPP Loan.
Businesses qualify for the Employee Retention Credit under the following circumstances:
The full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19
A decline in gross receipts of 50% or more (click on this link for more detail)
If you qualify, then you are eligible to receive a tax credit of up to $5000 per employee (50% of $10,000 in eligible earnings) plus the cost of maintaining health insurance for that employee.The credit can be advanced by filing IRS form 7200 or claimed by reducing the total federal tax liability payment each pay period by the credit amount. For example, if your total federal tax liability is $10,000 and the credit is $8000 then $2000 would be paid to the IRS. If the amount of the credit is higher than the federal tax liability, then the same IRS form 7200 can be submitted to receive a refund for the difference.
The U.S. Chamber of Commerce prepared a guide for small businesses concerning the CARES act. Click on the PDF icon to view or download.
“Congress recently passed “The Coronavirus Aid, Relief, and Economic Security Act” (also know as CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses.
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
How Long Will the Paycheck Protection Program Last?
You are encouraged to take action quickly! Although the program is open for application until June 30th 2020, there is a funding cap in place. The faster you can get your PPP loan application processed, the better chance you have for ensuring funds are not depleted.” (Source: sba.help)
All are encouraged to follow CDC guidelines’ preventative workplace measures.
Some good news: the Federal government passed a Coronavirus response act on March 18, 2020 that aims to, among other things, provide relief to small business and their employees. H.R. 6201, the Families First Coronavirus Response Act has several provisions relevant to small business in Paso Robles. Please read the full text for specific information as to the qualification conditions.
- Section 4102: 1 billion for unemployment compensation related to the virus.
- Section 7001: Refundable tax credit equal to 100% of qualified paid sick leave paid by employers.
- Section 7002: Refundable tax credit equal to 100% for sick leave for self-employed individuals who must self-quarantine due to Coronavirus.
Employment Development Department Links: