The City is exploring additional resources and measures to alleviate the pressure that you are facing as a Business as a result of COVID-19. We will continue to post new details as they become available. Since this is a fluid situation, check back frequently and Follow us @CityofPS on Facebook, and Twitter for the latest updates.

Below find information and resources to help you during this challenging time.

IMPORTANT UPDATES

• Riverside County Restart Loan Program is Accepting Applications!
  

  The County of Riverside & AmPac  Business Capital are partnering to provide emergency and ongoing capital  for small businesses in Riverside County. Restart loans are available to  businesses located anywhere in the county.  Loans  may be given for $15,000 to $30,000.  APPLY HERE. 

  VIEW FLYER.
  
  Eligible Business Types
  -Private for profit
  -Business with 25 or fewer employees
  -Minimum 2 year operating history
  
  Restart Loans ($15,000-$30,000)
  -Interest Rate: 3.75%
  -Term: 5 years (60 months)
  -No payments for the first six months

• The Riverside County Microbusiness Covid-19 Relief Grant Program application portal is now open. $2,500 grants will be awarded to eligible Riverside County microbusinesses businesses while funding lasts. To learn more about the grant eligibility criteria and begin the application process please visit RivCoBizHelp.org. Funded in part through a Grant from the California Office of the Small Business Advocate.

• English Informational Webinar - Tues, Feb. 22 at 10:30AM REGISTER HERE
  
  
• Spanish Informational Webinar - Tues, Feb 22 at 9AM REGISTER HERE
   
• Governor Newsom Signs Expanded Expanded Relief for Small Businesses, and Historic Package to Promote Innovation and Entrepreneurship in California, View Office of Governor Press Release
  
  
• COVID-19 Financial Aid Hotline for local businesses: CALL THE HOTLINE AT (760) 323-8273 OR EMAIL:  PSAdvisor@palmspringsca.gov.
  
  
• For additional up-to-date information on local, state and federal resources related to the pandemic visit the Economic Development Collaborative COVID-19 Business Resource website by CLICKING HERE.
  
  
• Palm Springs Business Transition & Re-Entry Task Force PowerPoint | View PDF document HERE.
   
• Additional COVI-19  business assistance:  tax relief (click here); and recovery loans through the California Rebuilding Fund.
  
  
• To view other opportunities available through Riverside County visit: RivCoBizHelp.org
  

• SBDC Hosting Webinars Every Wednesday | 3 PM: 30-40 minute webinars, with the most up to date information as it relates to funding information during the COVID-19 pandemic.  Link here.
  

Federal Resources

U.S. Small Business Administration - Coronavirus Relief Options:

APPLY  FOR COVID-19 DISASTER ASSISTANCE HERE

• Economic Injury Disaster Loan (EIDL)

The U.S. Small Business Administration is accepting new applications to the Economic Injury Disaster Loan (EIDL) from all eligible businesses. Visit U.S. SBA’s Disaster Loan Applications website for more information. The U.S. SBA will continue to process EIDL Loan applications already submitted on a first-come, first-served basis.  The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.

EIDL is a direct loan for up to $2 million at a rate of 3.75% for small businesses and 2.75% for nonprofits. You must apply directly with the SBA, HERE. SBA Customer Service Line: 1-800-659-2955 / 1-800-877-8339 (TTY), or by email, HERE.

COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION

• Express Bridge Loans

Effective March 25, 2020 Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap  if the small business has an urgent need while applying and/or waiting for decision and disbursement for a direct SBA Economic Injury Disaster loan.  You should consult with your local lender as to whether it is participating in the program.

• All Other Disaster Assistance

SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster. If you are interested in all other Disaster Loans (Non-COVID Related) click HERE.

• U.S. Senate Small Business Guide to CARES Act

• Export-Import Bank of the United States (EXIM)

EXIM is announcing relief provisions for exporters and financial institutions located throughout the U.S. that may have been affected by COVID-19 (coronavirus).  The Bank is an independent federal agency that fills gaps in private export finance in order to bolster U.S. job growth.  EXIM provides trade financial solutions and is offering: Working Capital Guarantee Program; Multi-Buyer and Single Buyer Short Term Insurance Program; Medium-Term Single Buyer Insurance Policies Issued to Exporters; Waivers; deadline extensions; and streamlined processing.  For more information visit, EXIM Website.

State Resources

•  California Rebuilding Fund
  The California Rebuilding Fund is a loan program supporting California’s small businesses and promoting equity and resiliency in business recovery. Businesses with 50 or fewer full-time equivalent employees and gross revenues of $2.5 million or less in 2019 are eligible to apply. Loans are flexible and designed to help businesses access the capital and advisory services needed to get through these challenging economic times. Businesses can fill out a pre-application here and be matched with a participating community lender. This program is meant to be a resource in the market for the next year as businesses pivot and recover. This fund will help impacted small businesses rebuild from the economic crisis and keep local economies strong. Find more information on this program here.

• California Small Business Development Center (SBDC) Network has developed a useful guide on COVID-19 to assist Businesses and Employers.  To download the COVID-19 Employer Guide CLICK HERE.
  
  
• The California Governor’s Office of Business and Economic Development (GO-Biz) provides many services to Employers affected by COVID-19. For the most up-to-date state resources for Businesses, visit the GO-Biz resource page.
  
  

•  California Grants Portal: Grants.ca.gov:  Your one destination to find all new state-administered grants and loan opportunities offered on a competitive or first-come basis. Grants.ca.gov is managed and hosted by the California State Library.

• California Infrastructure and Economic Development Bank (IBank), Finance Programs
  

  IBank, a unit within California Governor’s Office of Business and Economic Development (GO-Biz), offers the following loan programs for businesses from one to 750 Employees (small businesses) affected by disasters, For more information on how to apply, visit the IBANK Website.

• Disaster Relief Loan Guarantee Program (DRLGP)

IBank will issue loan guarantees up to $50,000 for small business borrowers who were impacted by disasters or public safety power shutoffs and who need term loans or lines of credit for working capital.  Small businesses and nonprofits that have suffered an economic loss should apply.

To contact IBank use email found  HERE

• California Capital Access Program (CalCAP) (1-500 employees)

  CalCAP is a loan loss reserve program which may provide up to 100% coverage on losses as a result of certain loan defaults. Individual borrowers are limited to a maximum of $2.5 million enrolled over a 3-year period. Contact a Participating Lender to enroll.
  
  To contact the California State Treasurer’s Office:
  Email CalCAP: HERE or Call: 1-916-653-2995

  
  
• Incentives for Manufacturers: For Projects Deploying over $20M in CapEx PDF Document
  
  
• Incentives for Manufacturers: For Projects Deploying under $20M in CapEx PDF Document
  
  
• Get Personal Protective Equipment (PPE): Connect with a  California Manufacturer with California’s PPE Marketplace.
  
  

Labor & Workforce Support

There are alternatives to layoffs that can help employers keep their employees when there is a lack of work, or during financial hardship. To view labor and workforce support for employers during COVID-19 click here.

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19) - Applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more info.

•  Coachella Valley SBDC Virtual Business Consulting

  Not sure where to start? The Small Business Development Center business consultants are here to help you during this time. For the safety and convenience of both parties, they are offering virtual consulting sessions online – all at no cost. Make an appointment to learn more about every application, resource, and question you have to help your business prepare and recover.  Their role is provide the tools, forms and guidance to help businesses submit a complete, well prepared submission online that will have a better chance of prompt processing and loan approval.  For more information sign-up for a consulting appointment below OR call 760-848-4096:

   Request Consultation
  

• The California Office of the Small Business Advocate is available to help businesses identify resources and obtain answers to key questions (to the extent known):  https://business.ca.gov/advantages/small-business-innovation-and-entrepreneurship/how-we-can-help/
  
  
• C-19 Recovery Loan  from CDC Small Business Finance  CDC Small Business Finance is offering recovery loans up to $250,000 for for-profit California businesses whose operations, revenue, and staffing have been disrupted due to coronavirus, need funding for working capital or inventory, or are fully or partially operational who are in compliance with state and local coronavirus regulatory requirements. These loans are offered at a variable interest rate and 10-year loan term. Find more information here. 
  

  Click Here To view all CDC Small Business Loan Options in PDF

Tax Relief & Assistance 

• Small Businesses to Exclude PPP Loans from State Taxes

Governor Newsom signed AB 1577 , which conforms state law to federal law by excluding from gross income Paycheck Protection Program loans that were forgiven through the federal CARES Act and subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act of 2020.

• Automatic Filing Extension

Taxpayers filing CDTFA returns for less than $1 million tax will automatically be granted a three-month extension on payments and returns originally due between December 1, 2020, and April 30, 2021. For example, 4th quarter 2020 returns and payments will now be due in April 2021. Eligible taxpayers are not required to make a request to take advantage of this extension.

• Interest-Free Payment Plans

Qualified small businesses can apply for a 12-month, interest-free payment plan  to defer payment of up to $50,000 for 4th quarter 2020 and the 1st quarter of 2021 in sales and use tax liability. The deferred tax would be paid in twelve equal monthly installments, with the first payment not due until April 2021. Any business with annual taxable sales of $5 million or less will be eligible for the new payment plans, including those taxpayers already in existing payment arrangements with the CDTFA. All existing interest-free payment plans will remain in place. Businesses with sales greater than $5 million in sectors particularly impacted by operational restrictions due to the pandemic may also apply for an interest-free payment plan. CDTFA will extend these payment arrangements to all businesses demonstrating a significant drop in sales, regardless of annual sales volume.

More information on extensions and payment plans will be available soon on CDTFA's COVID-19 webpage or you can contact CDTFA's Customer Service Center toll-free at 1-800-400-7115 (TTY: 711), Monday through Friday from 8 a.m. to 5 p.m. (Pacific time).

• Request 60 day Extension to File Payroll Taxes

experiencing a hardship as a result of COVID-19, you may request up to a 60-day extension of time from the Employment Development Department to file your state payroll reports and/or deposit state payroll taxes without penalty or interest. A written request for extension must be received within 60 days from the original delinquent date of the payment or return.For questions, call the EDD Taxpayer Assistance Center at 1-888-745-3886

For additional tax relief through EDD visit their webpage here.

• Employee Retention Tax Credit:

The IRS introduced an employee retention tax credit designed to encourage businesses to keep employees on their payroll. This credit is available to employers if their business is fully or partially suspended by government order or experience a decline in gross receipts by more than 50% in a quarter compared to the same quarter in 2019. The amount of the credit is 50% of qualifying wages paid up to $10,000 in total. Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit. Wages taken into account are not limited to cash payments, but also include a portion of the cost of employer provided health care.

County Resources

• Riverside County has launched www.RivCoBizHelp.org to assist Businesses affected by COVID-19.
  
  
• Business Ambassador Program: A County of Riverside Business Ambassador is available to visit your business, at no-cost, to conduct an individualized assessment to help identify ways your business can operate safely. Sign up for a consultation HERE or email Bizinfo@rivco.org for more information.

• RivCo EDA Subsidized Employment Program: The EDA has grant money, to help businesses save money on hiring new employees, overhead costs and staying afloat in these uncertain times.

Here's how it works:

          1.  After registering online, you give us a job description of who you need to hire.
          2.  EDA will pre-screen candidates and match them to meet your job description at no cost to you.
          3.  We give you only those resumes.
          4.  You interview and you hire who is right for your company.

Here's what you get:

For each referral you hire, our program will subsidize you half of the new employee’s hourly wages for 6 months, if they work a minimum of 20 hours per week on average.

What do we need from you to register?

 1. Completion of Online Vendor registration with the County of Riverside for prompt reimbursement.
 2. Completed W-9 form for the business.
 3. Copy of your ACORD Certificate of Insurance.
 4. Completed job description for all available positions.

Vendor Registration can be found HERE.

          For more information regarding the Subsidized Employment Program visit HERE.

Local Resources

Businesses can reach out to the City’s Community and Economic Development Department to share concerns and learn more about existing assistance programs, or contact:

Jay Virata, Director 
Community and Economic Development 
Phone: 760-323-8259

Videos & Webinars:

• Town Hall Webinar for Businesses Impacted by COVID-19 with Mayor Geoff Kors