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  • About the Chamber
    • About the Chamber
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    • Board of Directors
    • Membership Benefits >
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    • Member Login
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      • Send us a message
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Immediate Assistance for Businesses Impacted by COVID-19 Including Temporary Tax Relief and $500 Million in Grants Announced by State of California

12/1/2020

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On November 30, Governor Newsom announced a program providing immediate assistance for businesses impacted by COVID-19. 

The program provides tax relief for businesses impacted by COVID-19 though the following actions:
  • Provide an automatic three-month extension for taxpayers filing less than $1 million in sales tax on the return and extend the availability of existing interest and penalty free payment agreements to companies (with up to $5 million in taxable sales)
  • Broaden opportunities for more businesses to enter into interest-free payment arrangements
  • Expand interest free payment options for larger businesses particularly affected by significant restrictions on operations based on COVID-19 transmissions
  • Small Business Hiring Tax Credit, which provides a $1,000 tax credit for each new employee hired by small businesses (up to $100,000 per business). Businesses can apply for the tax credit HERE

The program also announced $500 million for new COVID relief grant for small businesses administered by the California Office of the Small Business Advocate for small businesses that have been impacted by COVID and the health and safety restrictions. Funds would be awarded to selected intermediaries with established networks of Community Development Financial Institutions to distribute relief through grants of up to $25,000 to underserved micro and small businesses throughout the state by early 2021. Non-profits would also be eligible for these grants. CalOSBA is establishing the program and will make it available as soon as possible -- for updates on availability, sign up HERE.

The California Rebuilding Fund, announced last week, made available $25 million to help impacted small businesses rebuild from the economic crisis and keep local economies strong. This program is built to be a resource in the market for the next year as businesses pivot and recover. This program will increase funding for the California Rebuilding Fund by $12.5 million. The additional funding will help the 3rd party administrator of the fund raise $125 million to make more low-interest loans to small businesses with less access to loans from traditional banking institutions. Sign up for updates on the California Rebuilding Fund programs HERE.

To read the full press release from the office of the Governor, click here.

To view updates for businesses and employers from the State, click here. 
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