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Saturday March 28, 2020

How to Plan Your Business Needs During the COVID-19 Crisis

To Our Valued Clients and Friends of the Firm,

The last several weeks the COVID-19 virus has been dominating the news cycle, and it must also be dominating your personal and professional lives as well.  The exacerbated impact of the pandemic, the declaration of national emergency and the directives from governmental officials to facilitate socials distancing, coupled by the recent Executive Orders of the State Governor and City Mayor has changed the landscape substantially.

At Ourfalian & Ourfalian we remain committed to not only ensuring the health and safety of our clients and employees but also to preserve the financial well-being of our business clients as we all weather this storm together.

We are actively implementing our response to this situation while operating in an environment of considerable uncertainty. Safeguarding the health of our clients, our people, and the communities where we live and work is of equal importance. Therefore we have taken the necessary steps to adhere to the local and state executive orders of “shelter in place”. While the office will be closed as we monitor the situation on a daily basis, we remain committed to address the evolving needs of our clients and provide ongoing guidance during this uncharted and fluid situation.

Our attorneys and staff are also armed with resources to help them stay safe while continuing to meet client needs and exceed expectations. We will actively follow the guidance from the World Health Organization (WHO), the U.S. Centers for Disease Control and Prevention (CDC) and state/local governmental agencies to revise plans and make decisions accordingly.

In the interim, the following are some helpful links and information that provide resources for employers and employees as they navigate through the web of information. 

  • The Labor and Workforce Development Agency: https://www.labor.ca.gov/coronavirus2019
  • There is also ongoing aid being provided to small business on several levels including on the federal and state levels.

The federal government has already put into place several programs to help business owners negatively impacted by the current economic climate. The following is a list of available programs.

  1. Internal Revenue Service (IRS)

    The U.S. Treasury Department and Internal Revenue Service (IRS) announced that the tax filings and payments for all federal income taxes (including self-employment tax) due on April 15, 2020, regardless of amount, will now be due on July 15, 2020. 

    See: https://home.treasury.gov/news/press-releases/sm953 


  2. United States Small Business Administration (SBA) 

The SBA is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses. Terms will be determined on a case by case basis, based on each individual’s ability to repay the loan. The state of California is one of the states that is eligible for SBA disaster loans.

See https://www.sba.gov/disaster-assistance/coronavirus-covid-19

 

 In addition to the Federal Government, State and local governments have also begun implementing programs to help business owners impacted by COVID-19.

  1.  California Franchise Tax Board (FTB) 

    The Franchise Tax Board (FTB) announced updated special tax relief for all California taxpayers due to the COVID-19 pandemic. FTB is postponing until July 15, 2020 the filing and payment deadlines for all individuals and business entities.

    See: https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-3-state-postpones-tax-deadlines-until-july-15-due-to-the-covid-19-pandemic.html

  2. Employment Development Department- Reduced Work Hours

    For employers who are experiencing a slowdown in their businesses or services as a result of the coronavirus impact on the economy may apply for the UI (Unemployment Insurance) Work Sharing Program, which will allow employers to seek an alternative to layoffs.

    See https://www.edd.ca.gov/about_edd/coronavirus-2019.htm


  3. Employment Development Department- Potential Closure or Layoffs

    Employers planning a closure or major layoffs as a result of COVID-19 can get help through the Rapid Response Program, where they will meet with Rapid Response Teams to discuss needs, averting layoffs, and will be provided with on-site services to assist workers facing job losses.

    See https://www.edd.ca.gov/pdf_pub_ctr/de8714rrb.pdf


  4. Employment Development Department- Potential Closure or Layoffs

    Employers experiencing hardships as a result of COVID-19 may request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit state payroll taxes without penalty or interest.

    See https://www.edd.ca.gov/about_edd/coronavirus-2019.htm


  5. City of Los Angeles Small Business Emergency Microloan Program

    The City of Los Angeles Small Business Emergency Microloan Program will provide financing needed to strengthen small business enterprises in this time of need. For business that meet the criteria provided on the City of LA’s website, they can apply online for the microloan.

    See https://ewddlacity.com/index.php/microloan-program

The following is a list of other resources that may aid business owners negatively impacted by COVID-19.

  1. Facebook

    Facebook has announced a $100 million in grants for small businesses in a blog post from March 17, 2020. Details have yet to be announced for which businesses will be eligible for the grants, however there is a sign-up link in the blog post to stay updated.

    See https://www.facebook.com/business/boost/grants


  2. Microsoft

    Microsoft Teams freemium allows employers to use unlimited chat, built in-group and one-on-one audio or video calling, 10 GB of team file storage and 2 GB of personal file storage per user. Business owners can also get real-time collaboration with the Office apps for web, including Word, Excel, PowerPoint, and OneNote.

    See https://www.microsoft.com/en-us/microsoft-365/blog/2020/03/05/our-commitment-to-customers-during-covid-19/


  3. Zoom

    Zoom allows employers to host up to 100 participants in a meeting and hold unlimited one-on-one meetings with the video conference provider’s complimentary plan. This does provide a 40 minute limit on group meetings, but you are not limited on the number of meetings.

    See https://zoom.us/pricing

     

 

We stand ready to help answer any questions or concerns you may have, so please do not hesitate to Contact our office