iBank Business Disaster Relief Loan and CA Sales Tax Payment Plan
Updated: Jun 5, 2020
1. The State of California Department of Tax and Fee Administration is administrating a program for small business taxpayers with less than $5 million in taxable annual sales, to take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability only.
Find more information HERE
2. iBank the California Infrastructure and Economic Development Bank has a Small Business Disaster Relief Loan Guarantee Program to supplement businesses, non profits and more who did not receive Federal Disaster Loans or are experiencing impacts due to COVID-19.
For example, if your business or organization received a letter from the Small Business Administration stating your "Economic Injury is not substantiated," the iBank Program is another option to find financial hardship assistance.
The loan works by iBank collateralizing or "guaranteeing" a loan, so that a local bank would receive 95% of the loan value in repayment if a business goes into default before repaying. In essence, the program allows for a local business to more likely be approved for a loan and at potentially more favorable rate.
A PDF resource guide is HERE for the Business Disaster Relief Loan Guarantee Program.
In addition, iBank released an easy to use loan eligibility to help determine which financial relief programs you’re eligible for as a Business, Self-Employed, Non-Profit, Veteran's Organization, Tribe, or Independent Contractor, a link to the Loan Tool is HERE
If you are unable to apply or find the information you need on the iBank Relief Loan Guarantee Program, please reach out to me at email@example.com and we can discuss how to apply, contact a representative, and work with our iBank Partners.