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The federal government’s $349 billion lifeline for small businesses, the Paycheck Protection Program, may be out of money, but there is still hope for Californians in need of a boost.
“There's a wonderful Employee Retention Credit Plan available through the IRS,” financial planner Delia Fernandez told KPCC’s Take Two. Small businesses who’ve seen sales drop by more than 50% will get a tax credit up to $10,000 to help retain their employees.
For gig workers and others who usually don’t qualify for unemployment benefits, there will also be a new state plan debuting soon – the Pandemic Unemployment Assistance program, where recipients can get up to $767 each week.
“It opens on April 28, and the money is supposed to go out by April 30,” said Fernandez.
And talks are underway by lawmakers to find more funding for that federal Paycheck Protection Program so that more businesses can apply.
“I'm very hopeful they see the need, and I'm hoping that they'll take action soon,” she said.
Hear the full interview below.
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