Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
EIDL Loan Program
Economic Injury Disaster Loans (EIDL) are available to businesses and non-profits with 500 or fewer employees whose cash flow has been affected by the coronavirus pandemic. Borrowers may apply for an emergency advance grant up to $10,000 within three days of applying for an EIDL. Click here for link
Work Sharing Program
Employers can apply for the Unemployment Insurance (UI) Work Sharing Program if reduced production, services, or other conditions cause them to seek an alternative to layoffs. The Work Sharing Program helps employees whose hours and wages have been reduced:
- Receive UI benefits
- Keep their current job
- Avoid financial hardships
The Work Sharing Program helps employers:
- Minimize or eliminate the need for layoffs
- Keep trained employees and quickly prepare when business conditions improve
- Avoid the cost of recruiting, hiring, and training new employees
If you are considering reducing your employees’ hours or implementing layoffs, we strongly encourage you to call the Verdugo Jobs Center at (818) 937-8000. We will take down your information, and our Rapid Response team will contact you within one business day to provide information and services, free of charge, that may mitigate COVID-19 impacts, including:
- Layoff aversion strategies
- Access to capital
- CARES Act
- Employee resources
- Unemployment insurance
- Health coverage
- Job search assistance
- View this Fact Sheet from the Employment Development Department for more information on Rapid Response services.