November 30, 2020 Governor Newsom announced the following immediate support and relief:

1. Tax Relief for Businesses Impacted by COVID-19

In April 2020, the Governor, through Executive Order, allowed taxpayers to apply for penalty and interest relief for 90 days for any taxpayer reporting less than $1 million in sales on their tax return. Through November 22nd, some 9,287 plans with almost $149 million in tax relief have taken advantage of this program.

The Governor will direct the California Department of Tax and Fee Administration to do the following:

  • Provide an automatic three-month extension for taxpayers filing less than $1 million in sales tax on the return and extend the availability 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.

2. $500 Million for New COVID Relief Grant for Small Business

The Governor announced the creation of a $500 million COVID Relief Grant administered by the California Office of the Small Business Advocate (CalOSBA) at the Governor’s Office of Business and Economic Development 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 to small businesses as soon as possible.

For updates on availability visit here.


3. Increase Funding for the California Rebuilding Fund by $12.5 million.

Last week, the Governor announced the opening of the California Rebuilding Fund which makes 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.

An increase of $12.5 million would allow the Fund to be fully capitalized. 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.

For more information click here.

More Posts

You Might Also Like

Press Releases
Assessor Larry Stone urges Business Owners to Provide Equipment Valuation Information
Property Tax Relief for Business Owners
Mar 19, 2021
COVID 19 Resource Center
Changes to Paycheck Protection Program and Second Draw PPP Loan
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans) and updates to the original PPP loan. It also allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans.
Feb 18, 2021
Petrinovich Pugh & Co LLP
Members News
Black History Month at the African American Community Service Agency
The African American Community Service Agency has a variety of events coming up in honor of Black History Month. If you are not able to engage in some of their upcoming events you can also find a link to donate to their organization.
Feb 8, 2021
COVID 19 Resource Center
New Program Coming Soon: Shuttered Venue Operators Grant
There's a new program coming soon, so please put this on your radar. The U.S. Small Business Administration is currently working on the Shuttered Venue Operators Grant Program. This new program was passed in the most recent stimulus bill, adding to the mix of business-relief programs designed to address economic losses due to the coronavirus pandemic. The bill sets aside $15 billion for the program and qualifying venues can get up to $10 million in grant money. They are NOT ACCEPTING applications yet, but you can begin evaluating the eligibility requirements and sign up for updates through the U.S. Small Business Administration.
Feb 3, 2021
Press Releases
Meriwest Credit Union Sponsors over $1 Million in Affordable Housing and COVID-19 Pandemic Relief Grants for local NonProfits
Meriwest, one of Silicon Valley’s Premier Credit Unions sponsored grants through the Federal Home Loan Bank to support projects of two Community Based Nonprofits. The Credit Union also provided additional support to local charities to assist them in meeting the needs of their clients during the pandemic. Meriwest sponsored a grant of $1,055,000.00 for CityTeam San Jose through the Federal Home Loan Bank’s Affordable Housing Program. This project will renovate an existing transitional housing and emergency shelter for homeless and low income residents. It will also provide meals and improve the financial mobility of residents through financial educational workshops.
Jan 26, 2021
Meriwest Credit Union
Press Releases
State Announces Lifting of Regional Stay at Home Order, Returning Santa Clara County to Purple Tier
Outdoor Dining, Personal Care Services, and Professional, Collegiate, and Adult and Youth Sports May Resume with Required Modifications; Mandatory Travel Quarantine Remains in Place.
Jan 25, 2021
County of Santa Clara Emergency Operations Center-Public Health Department
Explore ALl Posts