Tips from the Trenches: COVID-19 Grant Tips
By Yacanex Posadas
Yacanex Posadas, founder of MOBI partner Yacanex Community and Yacanex Business Group, is a strong advocate for Latino small business owners in Silicon Valley, and his organization has been helping to educate these entrepreneurs about COVID-19 grant programs as well as important information for filing taxes. We asked Yacanex if he could share some of the most common questions and tips with our MOBI readers. We will begin with grant information and tips, and feature tax tips in a second post. Stay tuned!
The California Small Business COVID-19 Relief Grant Program Round 5 of the fund will open March 25 and close on March 31. Here is what you need to know if you are interested in applying.
Round 5: March 25-31, 2021
- Eligible applicants: Current waitlisted small businesses and non-profits not selected in Rounds 1, 2, or 3 and new applicants that meet eligibility criteria found at CAReliefGrant.com
- Eligible grant award: $5,000 – $25,000
- Details: Applicants not selected to receive a grant in Rounds 1, 2, and 3 do not need to reapply as they will be automatically moved into Round 5. New applicants will need to apply at CAReliefGrant.com
Round 6: Date to be announced soon.
- Eligible applicants: Current waitlisted small businesses and/or non-profits not selected in Rounds 1, 2, 3, 4 or 5 and new applicants that meet eligibility criteria found at CAReliefGrant.com
- Eligible grant award: $5,000 – $25,000
- Details: Applicants not selected to receive a grant in Rounds 1, 2, 3 and 5 do not need to re-apply and will be automatically moved into Round 6. New applicants will need to apply at CAReliefGrant.com
COVID-19 Economic Injury Disaster Loans (EIDL):
If you have not applied initially, you still have time! If you have already applied for EIDL support, you cannot apply again. Below is the link for applications.
Paycheck Protection Program (PPP): Deadline March 31, 2021
Business owners who got PPP support the first time, may be eligible for a second PPP funding. Restrictions do apply so ensure that you qualify.
- Food industry can apply for 3.5 months instead of the 2.5 months originally offered.
- All expenses used for payroll for PPP are deductible!
- If PPP loan is forgiven, it is tax free!
- A new FAQ regarding PPP loans was published on March 3 and can be found here: FAQ for Lenders and Borrowers
On Tuesday, March 30 Yacanex Business Group will host the webinar: “Domina las claves de los impuestos 03 - 2021: ¿Cuáles son los cambios?, ¿cómo afectan el PPP y otros préstamos a los impuestos?” ("Master the Keys to Taxes #3 - 2021: What are the changes? How do PPP and other loans affect taxes?") To register visit: https://ybg.typeform.com/to/lL7tNGnK Additional English webinars will be announced shortly. Visit Yacanex Business Group for more information.
About Yacanex Posadas:
Yacanex Posadas is the founder of Yacanex Business Group, a full service consulting firm for small to medium sized businesses, and the non-profit Yacanex Community, an organization that focuses on education and entrepreneurship in underserved communities in Santa Clara County, with an emphasis on the Latino population. Yacanex also teaches through the Santa Clara University Neighborhood Prosperity Initiative (NPI) program and provides strategic consultation for MOBI.