Connecting with Our Members

Mar 27, 2020

 

We hope you are all staying safe and healthy as we continue to tackle the new challenges facing our community. Our team is actively tracking how the coronavirus outbreak is impacting our members and have compiled a list of resources to help you all navigate a rapidly shifting situation. We will update these resources as the crisis develops and aim to be a source of accurate and helpful information to you all in the coming weeks.

Also, feel free to reach out to us with any questions or concerns: rlevy@labusinesscouncil.org

Resources for Businesses and Employees

  • For all updates in the City of Los Angeles visit the city’s dedicated website. Here you will find announcements and information about the local response to the virus.
  • If you would like to report price gouging or consumer fraud, you can submit a complaint online at ca.gov/report.

For employers and businesses:

For employees;

  • The LAEDC’s website is also a great resource for employees who need assistance or information about;
    • Where to file a disability insurance claim if you’re sick or quarantined;
    • How to file for paid family leave if you are taking care of someone sick or quarantined;
    • How to file an unemployment insurance claim if your employer has reduced your hours or shut down operations due to Coronavirus.

Resources in Federal Stimulus Package: Full bill can be found here Summary of aid for businesses and individuals is below: Business Tax Relief

  • Defers payment of the employer portion of the Social Security tax, with half due by December 31, 2021 and the other half due by December 31, 2022.
  • Allows net operating losses arising in 2018, 2019 and 2020 to be carried back for five years
  • Modifies the loss limitation applicable to passthroughs and sole proprietors so they can utilize excess business losses and access cash flow.
  • Increases business interest deductibility from 30 to 50 percent for 2019 and 2020.
  • Provides a refundable payroll tax credit for employers whose operations are partially or fully suspended by a COVID-19 shutdown order or whose gross receipts declined by more than 50 percent compared to the same quarter in the prior year.

Small Business Assistance 

  • Provides $562 million for Economic Injury Disaster Loans (EIDL) to small businesses.
  • Authorizes $350 billion worth of 100 percent guaranteed SBA loans, a portion of which SBA will forgive based on allowable expenses for the borrower.
  • Includes $10 billion in direct grants for businesses that do not qualify for the EIDL program, and $17 billion to have SBA step in and make six months of principle and interest payments for all SBA backed business loans.
  • Establishes the maximum 7(a) loan amount to $10 million through December 31, 2020 and provides a formula by which the loan amount is tied to payroll costs incurred by the business to determine the size of the loan.

Individual Assistance

  • Provides direct payments to individuals with incomes up to $75,000 ($150,000 for couples), $1,200 for each adult ($2400 for couples), as well as $500 for each child.
  • Adds a $600 per person per week onto the base maximum unemployment benefit for four months.
  • Enables employers to provide a student loan repayment benefit to employees on a tax-free basis, contributing up to $5,250 annually toward an employee’s student loans, and such payment would be excluded from the employee’s income. The $5,250 cap applies to both the new student loan repayment benefit as well as other educational assistance (e.g., tuition, fees, books) provided by the employer under current law. The provision applies to any student loan payments made by an employer on behalf of an employee after date of enactment and before January 1, 2021.
More Articles in:
LABC Study: Major Reforms Needed to Meet L.A.’s Ambitious Housing Production Goals

LABC Study: Major Reforms Needed to Meet L.A.’s Ambitious Housing Production Goals

582,462 and Counting

582,462 and Counting

LA Business Council Urges City Council To Create New Policies That Promote More Housing

LA Business Council Urges City Council To Create New Policies That Promote More Housing

For Media Inquiries Please Contact:


Rachel Levy
Communications Director
(310) 226-7839
Email Rachel

Sugerman Communications Group
(310) 974-6680

Share This