Blog
Nov 29

Financial Opportunities for Tenderloin Business Owners

See below for information about a business boost loan and employee retention tax credit available to Tenderloin business owners.

Main Street Business Boost Launch Loan Opportunity

Main Street Launch (a San Francisco Based micro-lender) is offering micro-loans up to $50,000 at 3% fixed interest with a five year repayment term. All businesses are eligible (start-up and existing). Businesses must have a five year lease (including any options for renewal).

About the loans:

  • Amount: up to $50,000

  • Interest rate: 3% fixed

  • Fees: 2% loan fee, state loan guaranty fee, due diligence fees

  • Collateral: business assets

Eligibility:

  • New or existing businesses located in San Francisco, Oakland, Stockton

  • Or businesses in the following counties: Imperial, Tulare, San Joaquin, Stanislaus, Sacramento, and Fresno

Special features:

  • Low, fixed interest rate and competitively priced fees

  • Startup businesses are eligible to apply

  • Businesses can apply regardless of whether or not they’ve received COVID-related assistance

If you are interested, contact Karla De Leon to schedule a meeting where she can learn more about your needs.

Karla De Leon
karla@mainstreetlaunch.org
510.830.3226

Employee Retention Tax Credit

If you were impacted by COVID-19 or the Shelter in Place order and continued to pay your workers you are eligible to receive an Employee Retention Tax Credit (ERTC) that rewards businesses up to $33,000 per employee. Employers can take advantage of the ERTC against federal employment taxes via qualified wages paid to their employees from March 13, 2020 to December 31, 2021. Businesses can retroactively claim the credit against past quarters. The ERTC has a maximum credit of $5,000 per employee in 2020, and a maximum of $28,000 per employee in 2021.

NOTE: Businesses that received a PPP loan are eligible to claim this credit.

We strongly recommend that you speak to your CPA to help your business maximize the value of the ERTC. If you do not currently work with one, the San Francisco Chamber of Commerce has a list of local CPAs. For more information, go to https://oewd.org/employee-retention-tax-credit.