Many California small businesses would like to offer retirement options to their employees—to help attract a talented workforce and boost employee morale—but can’t afford the overhead and administrative costs. The state now requires that all businesses with five or more employees facilitate employee participation in CalSavers if they don’t already have a retirement plan in place. Businesses are being phased into the program over time based on their number of employees.
Insights into the world of small business lending and development
The Centers for Disease Control and Prevention (CDC) recently announced updated guidance for people who are fully vaccinated against COVID-19, which would allow them to forgo wearing masks or physically distancing in public settings except where required by federal, state, local, tribal, or territorial laws, rules, and regulations, including guidance established by local businesses and workplaces.
In the last year, the business landscape has dramatically shifted for small businesses, prompting them to rethink their business strategy and adapt in order to survive the pandemic. From constant changes in masking orders, workplace capacity and reopening guidelines, small business owners need guidance on how to operate and thrive while the economic recovery is underway.
We know many small business owners may have questions about what other resources they can take advantage of, or what may be next in relief funding for Main Street now that the Paycheck Protection Program expired on May 31. We’ve collected a few national resources that are still available and you can also find local opportunities here.
The U.S. Small Business Administration (SBA) has announced two new updates to its Economic Injury Disaster Loan (EIDL) program, as the agency works to provide further economic relief for the smallest and hardest hit businesses across the United States.
Below you will find more information about the Targeted EIDL Advance program and Supplemental Targeted Advance, which provide small grants to eligible impacted small businesses, and how you may qualify for additional financial assistance.
Targeted EIDL Advance program
During April’s National Financial Literacy Month, we spoke with small business owners around the country about the challenges they’ve faced during the last year of business turmoil and how they’ve pivoted their businesses to stay afloat during the pandemic.
These business owners have weathered many untenable challenges and are sharing their lessons learned and some best practices other small businesses can follow during this difficult time. Read on to learn about some of the key steps they took to overcome the challenges brought on by the pandemic.
A new grant program, the Restaurant Revitalization Fund (RRF), is slated to provide relief funding for restaurants and bars affected by the COVID-19 pandemic. The RRF, which was established by the newly passed American Rescue Plan, will provide $28.6 billion in grants for small businesses in need.
The deadline to file 2020 tax returns is fast approaching, and we know many small business owners need to learn about what kind of tax benefits they might benefit from during this challenging time.
Below you will find some important information about the new Employee Retention Tax Credit and the Work Opportunity Tax Credit.
Employee Retention Tax Credit
Congress has approved a new $1.9 trillion federal relief package, more commonly known as the American Rescue Plan. The stimulus legislation, the largest of its kind, includes several measures to help stabilize small businesses and the economy.
Some of the key provisions that will aid struggling small businesses are:
The White House recently announced new changes to the Paycheck Protection Program (PPP) to better focus federal relief funds and aid struggling small businesses that may have been left behind during the first rounds of funding. The changes come at a critical time, when our research reveals that minority-owned businesses have greatly struggled to secure capital compared to their white counterparts.
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