Financial help for businesses

Last updated December 2, 2022 at 12:44 PM

There are resources for businesses that need financial help because of COVID-19.

On this page:

Loans

COVID-19 Economic Injury Disaster Loan (EIDL)

The U.S. Small Business Administration (SBA) is not accepting new applications for a COVID-19 EIDL. The SBA continues to accept requests for: 

  • A loan increase
  • Reconsideration of a declined loan
  • Appeal of a declined reconsideration request

Visit U.S. SBA’s COVID-19 EIDL website for more information.

COVID-19 Disaster Relief Loan Guarantee

Businesses and nonprofits with 750 employees or less may be eligible for a COVID-19 Disaster Relief Loan Guarantee up to $1 million. The loan guarantee:

  • Can cover up to 95% of the loan if there is a default for up to 7 years.
  • Helps a business get access to capital from a bank. Banks have less risk because there is a guarantee of repayment and are more willing to lend. 

Visit the California Infrastructure and Economic Development (iBank) COVID-19 Disaster Relief Loan Guarantee Program for more information.

California Rebuilding Fund

This program has stopped accepting business loan applications. If you are still in need of support for your business, you can still be matched to one of their participating lenders.

Submit this form to see if you match with a participating community lender. If you match, the lender will work with you on your full loan application. If approved for a loan, the lender will continue to work with you for the duration of your loan term. All participating lenders are certified as Community Development Financial Institutions.

Visit the California Rebuilding Fund website for more information.

Grants

California Microbusiness COVID-19 Relief Grant Program

Small businesses may be eligible for a grant of $2,500 from the California Microbusiness COVID-19 Relief grant program. Find an organization on this list that’s in your county. Contact them by phone or email for details and how to apply.

California Dream Fund

The California Dream Fund offers grants of up to $10,000 to eligible small businesses. To be eligible, your business must take part in intensive training and consulting. 

California has a network of centers for small businesses that provide technical assistance. Find your local small business center and contact them for more information.

California Nonprofit Performing Arts Grants Program

Nonprofit performing arts organizations may be eligible for grants up to $75,000. Businesses can use these funds for:

  • Employee expenses like payroll, healthcare benefits, paid leave benefits, and insurance premiums
  • Contributions or payments to a centralized payment service
  • Recruitment, training, and development
  • Other operating expenses or equipment for employees

Sign up for the California Office of the Small Business Advocate’s newsletter for updates.

Tax credits

Employers may be able to claim state and federal employer tax credits:

  • Employee Retention Credit for wages paid before October 1, 2021.
  • Paid leave credit for sick and family leave paid before October 1, 2021. This includes leave paid to employees to get vaccinated or recover from vaccinations.
  • Homeless Hiring Tax Credit for wages paid between January 2022 and December 2026 to workers experiencing homelessness.

Prevent layoffs with work sharing

Employers can apply for the Work Sharing Program.

Work sharing helps employers:

  • Prevent layoffs
  • Bring back laid-off workers
  • Avoid hiring and training expenses

With work sharing, employees:

  • Keep their current job
  • Get partial unemployment insurance benefits to supplement their reduced work hours and wages
  • Avoid financial hardships

Find more information about the California Employment Development Department’s Work Sharing Program.

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