Advice from the Greater Conejo Chamber

by | Mar 26, 2020 | Harriet Cohen, legal | 0 comments

#1 SBA Loans Available For Businesses Up To 500 Employees
The Small Business Administration is offering loans of up to 2 million dollars to businesses affected by the COVID-19 Pandemic. Loans are low interest and have payment terms of up to 30 years. Non-profit organizations are also eligible.
Click here For more information or to apply for an SBA Loan, go to the Small Business Administration Website.
#2 Unemployment Insurance Available for Employees Laid Off Because of COVID-19
The California Employee Development Department (EDD) is providing financial assistance for employees that have their hours reduced or are laid off due to the COVID-19 pandemic.
If you are an employer laying people off or are reducing staff hours, encourage your employees to file for Unemployment Insurance benefits right away. Employees can expect a recovery of 60-70% of their lost wages.
Click here to learn more or apply
#3 Eviction Moratoriums In Place For Commercial Tenants
As part of his emergency declaration, Governor Gavin Newsom allowed local governments to impose a moratorium on commercial property tenant evictions. The cities on the LA County portion of Conejo Valley (Agoura Hills and Westlake Village) have enacted local legislation that prevents commercial evictions until May 31, 2020. You still owe your rent to your landlord, but you have more time to pay it.
If you are in Thousand Oaks and are anticipating having trouble paying rent for your commercial property, you should contact your landlord. Property owners know their tenants are going through extraordinary circumstances right now and might be willing to arrange payment plans.
Click here to read the Governor’s Executive Order
#4 Federal and State Income Tax Deadline Moved Back
The state and federal governments have both changed their filing deadlines for personal and businesses income tax. The IRS has announced that tax filings and payments are due by July 15, 2020. The California Franchise Tax Board announced that California State income tax is due on July 15, 2020.
See the announcement from the IRShere.
 See the announcement from the California Franchise Tax Board here.
#5 Waivers Offered For Late Property Tax Payments
Property tax payments are still due on April 10, 2020 for commercial and residential property owners. In lieu of extending the property tax deadline, the Treasurer-Tax Collectors for both Los Angeles and Ventura counties have agreed to offer waivers of the late payment penalties due to financial hardships caused by the COVID-19 pandemic.
Property owners may apply for waivers immediately after the deadline. The waivers will be considered on a case-by-case basis.
Click here for the Ventura County Treasurer-Tax Collector website
Click here for the Los Angeles County Treasurer-Tax Collector website

 

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