With the ongoing efforts to combat the COVID-19, the state of California is coming to the aid of small business.

Last month, Gov. Gavin Newsom announced a small business bridge loan of up to $50,000 and a 12-month reprieve of state sales tax.

Small businesses will also be freed from penalty, fines or interest on the loans.

In addition, businesses can get the Paycheck Protection Program. It reimburses them up to $10 million so long as employees remain on payroll.

Learn more about the small business assistance on covid18.ca.gov.

It’s important to act fast due to high demand for the funds.

The measures can go a long way as many business owners face tough decisions about furloughing staff or substantially scaling back on day-to-day operations. By the end of March, a record number of workers had filed for unemployment assistance in some form.

During this difficult time, 5 Star Accounting & Business Solutions, LLC also stands with local business. We offer guidance on best practices so that you can continue to fulfil your mission and maintain business.

Whatever help you need, from accounting, tax, HR to business development, we are here for you.

Our unwavering attention to detail and advisory services will provide the guidance needed today to navigate the strained and uncertain economy.

As a business owner, you understand the market ups and downs. Certainly, the COVID-19 pandemic is unchartered territory. Yet, we know that better days are ahead. It’s only a matter of time before we can get there.

Our affordable and thought-out services and thorough consultation will allow you to rediscover areas of benefit. We will also offer recommendations that support, protect and improve your business. Contact us today!