Via City of Santa Barbara:
There have been several tax extension deadlines, changes to SBA loan payment expectations and other business resources released in the last few days. The following information provides details on those changes. For more information, visit the Economic Development Collaborative website, which is a frequently updated hub of information for employers and employees.
TAX EXTENSION GUIDELINES
Personal and Business Income Tax Extension — Federal
Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. For more information please visit the IRS website.
Personal and Business Income Tax Extension — State The Franchise Tax Board announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments to June 15, 2020, for all tax filings and payments due between March 15, 2020, through June 15, 2020. For more information please visit the Franchise Tax Board website.
Sales Tax Payment Extension Filing
Employers statewide may request a 60-day extension of sales tax payments through the California Department of Tax and Fee Administration (CDTFA). The CDTFA is providing assistance to grant extensions for filing returns and making payments, relief from interest and penalties, and filing a claim for a refund. Requests for relief of interest or penalties or requesting an extension for filing a return may be made through the CDTFA online services. Tax payers may also request assistance in writing via email. The CDTFA staff are also available to answer questions and provide assistance for taxpayers that call (800) 400-7115.
Payroll Tax Extension Filing
Employers statewide directly affected by the new coronavirus (COVID-19), may request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit payroll taxes without penalty or interest. A written request for extension must be received within 60 days from the original delinquent date of the payment or return. For more information, please visit the EDD website.
City Transient Occupancy Tax (TOT) Deferral The City of Santa Barbara will defer Transient Occupancy Tax payments for the months of March and April for 60 days without penalty or interest. Hotels will receive an email or letter from the City with instructions to defer the tax payments. If an email or letter has not been received by April 1, call (805) 564-5469.
City Parking and Business Improvement Area (PBIA) Assessment Waiver
The City of Santa Barbara will waive the PBIA assessment for the Quarter 1 (January – March) payment due in April. Parking in Downtown lots and structures is currently free of charge. Affected downtown businesses will receive a letter showing a waiver of the scheduled payment. For more information, businesses are encouraged to contact the City Business License Office at (805) 564-5346
LOAN REPAYMENT EXTENSIONS
SBA Loan Payment Extensions
The Small Business Administration (SBA) has implemented automatic deferment on existing SBA Disaster Loans through the end of 2020. If you have an existing SBA loan, you do not need to request deferment. For more information, call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.
ACCESS TO CAPITAL
Economic Development Collaborative (EDC) Disaster Loan Fund
In addition to traditional EDC loan funds, EDC is offering 4.25% interest loans from $5,000-$50,000 through its Disaster Loan Fund to give a cash flow boost to businesses impacted by reduced sales, supply chain disruption or other challenges related to COVID-19.
To connect with someone to discuss the EDC Disaster Loan Fund, please sign up for an appointment by following this link.
Women’s Economic Ventures (WEV) Quick Response Loan
WEV’s Quick Response Loan is designed to provide financial support to businesses experiencing economic hardship. Loans of up to $10,000, with a 4.5% fixed interest rate and 36-month repayment term are available to eligible businesses. Visit WEV’s website for more information.
BUSINESS WEBINARS
On March 26, SCORE entrepreneurs and seasoned business owners will answer your questions and discuss actions you should take now to mitigate the impact of COVID-19 on businesses. Register here.
On April 1, Women’s Economic Ventures will host a webinar for business owners to discuss how to negotiate a lease, revise contracts, and handle staffing issues that come up due to COVID-19. Register here.
If you would like to speak to a business advisor to discuss how your business has been impacted by COVID-19, please visit this link to sign up to speak to an EDC Small Business Development Center Business Advisor at no cost. Appointments are being scheduled for late April.
There have been several tax extension deadlines, changes to SBA loan payment expectations and other business resources released in the last few days. The following information provides details on those changes. For more information, visit the Economic Development Collaborative website, which is a frequently updated hub of information for employers and employees.
TAX EXTENSION GUIDELINES
Personal and Business Income Tax Extension — Federal
Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. For more information please visit the IRS website.
Personal and Business Income Tax Extension — State The Franchise Tax Board announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments to June 15, 2020, for all tax filings and payments due between March 15, 2020, through June 15, 2020. For more information please visit the Franchise Tax Board website.
Sales Tax Payment Extension Filing
Employers statewide may request a 60-day extension of sales tax payments through the California Department of Tax and Fee Administration (CDTFA). The CDTFA is providing assistance to grant extensions for filing returns and making payments, relief from interest and penalties, and filing a claim for a refund. Requests for relief of interest or penalties or requesting an extension for filing a return may be made through the CDTFA online services. Tax payers may also request assistance in writing via email. The CDTFA staff are also available to answer questions and provide assistance for taxpayers that call (800) 400-7115.
Payroll Tax Extension Filing
Employers statewide directly affected by the new coronavirus (COVID-19), may request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit payroll taxes without penalty or interest. A written request for extension must be received within 60 days from the original delinquent date of the payment or return. For more information, please visit the EDD website.
City Transient Occupancy Tax (TOT) Deferral The City of Santa Barbara will defer Transient Occupancy Tax payments for the months of March and April for 60 days without penalty or interest. Hotels will receive an email or letter from the City with instructions to defer the tax payments. If an email or letter has not been received by April 1, call (805) 564-5469.
City Parking and Business Improvement Area (PBIA) Assessment Waiver
The City of Santa Barbara will waive the PBIA assessment for the Quarter 1 (January – March) payment due in April. Parking in Downtown lots and structures is currently free of charge. Affected downtown businesses will receive a letter showing a waiver of the scheduled payment. For more information, businesses are encouraged to contact the City Business License Office at (805) 564-5346
LOAN REPAYMENT EXTENSIONS
SBA Loan Payment Extensions
The Small Business Administration (SBA) has implemented automatic deferment on existing SBA Disaster Loans through the end of 2020. If you have an existing SBA loan, you do not need to request deferment. For more information, call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.
ACCESS TO CAPITAL
Economic Development Collaborative (EDC) Disaster Loan Fund
In addition to traditional EDC loan funds, EDC is offering 4.25% interest loans from $5,000-$50,000 through its Disaster Loan Fund to give a cash flow boost to businesses impacted by reduced sales, supply chain disruption or other challenges related to COVID-19.
To connect with someone to discuss the EDC Disaster Loan Fund, please sign up for an appointment by following this link.
Women’s Economic Ventures (WEV) Quick Response Loan
WEV’s Quick Response Loan is designed to provide financial support to businesses experiencing economic hardship. Loans of up to $10,000, with a 4.5% fixed interest rate and 36-month repayment term are available to eligible businesses. Visit WEV’s website for more information.
BUSINESS WEBINARS
On March 26, SCORE entrepreneurs and seasoned business owners will answer your questions and discuss actions you should take now to mitigate the impact of COVID-19 on businesses. Register here.
On April 1, Women’s Economic Ventures will host a webinar for business owners to discuss how to negotiate a lease, revise contracts, and handle staffing issues that come up due to COVID-19. Register here.
If you would like to speak to a business advisor to discuss how your business has been impacted by COVID-19, please visit this link to sign up to speak to an EDC Small Business Development Center Business Advisor at no cost. Appointments are being scheduled for late April.
Follow Us!