The State of California now offers several programs to help businesses impacted by the ongoing COVID-19 Pandemic.
The California Rebuilding Fund is a loan program to help the State’s small businesses access the capital and advisory services they need to get through these challenging economic times. Businesses who employed 50 or less full-time equivalent employees and had gross revenues of less than $2.5 million or below in 2019 are eligible to apply. Click here for additional information.
The State also announced the creation of a $500 million COVID Relief Grant 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 (including non-profits) throughout the state by early 2021. Click here to be updated when these funds become available.
California businesses will receive an automatic 3-month Sales Tax extension for taxpaying owners with less than $1 million in sales tax. Interest-free payment agreements will be expanded to larger companies with up to $5 million in sales tax. These tax deferrals will also expand to industries heavily impacted by coronavirus, including bars, restaurants, hair salons and more.
The Main Street Hiring Credit authorizes $100 million in hiring tax credit for qualified small businesses. The credit is equal to $1,000 per qualified employee, up to $100,000 for each small business employer. For more information, click here.
To learn more about all of these programs, click here.