Official Website - Assemblymember Patrick O'Donnell Representing the 70th California Assembly District
Published on Official Website - Assemblymember Patrick O'Donnell Representing the 70th California Assembly District (https://a70.asmdc.org)

Home > COVID-19 Resources > Small Businesses

The state is providing assistance to California’s businesses. If you own a business that is struggling during this time of economic hardship, consider applying to the following programs:

  • The Small Business Hiring Tax Credit program. Eligible small businesses can receive up to $100,000 in tax credits if they meet the following qualifications:
    • Employed 100 or fewer employees as of December 31, 2019.
    • Suffered a 50% decrease or more in income tax gross receipts when comparing the second quarter of 2020 to the second quarter of 2019.
    • To reserve your tax credit today, visit the website here. [1]
  • The California Rebuilding Fund. Low-interest loans are available for small businesses that meet the following criteria:
    • Small businesses in economically disadvantaged and under-banked areas of the state.
    • Employ 50 or less full-time equivalent employees.
    • Had gross revenues of less than $2.5 million in 2019. For information about the program and how to apply visit the website here. [2] 
  • COVID Relief Grant. The California Office of the Small Business Advocate will be administering a $500 million grant program for small businesses impacted by COVID and economic restrictions.
    • These grants would be awarded starting in early 2021. The Governor’s Office of Business and Economic Development will be providing updates on this program on their website here. [3]

The state is also providing additional support:

  • A three-month extension for taxpayers filing less than $1 million in sales tax.
  • The California Department of Tax and Fee Administration is extending the availability of existing interest and penalty-free payment agreements to companies with up to $5 million in taxable sales. 
  • For more information on the latest announcements, visit the Governor’s website here. [4]

 

Capital Programs

U.S. Small Business Administration (SBA) | disasterloanassistance.sba.gov [5]|sba.gov [6] [6]| 800-659-2955 SBA offers government-backed loans and resources and administers disaster loans in response to COVID-19 and California wildfires.

California Infrastructure and Economic Development Bank | www.ibank.ca.gov [7] | 916-341-6600 IBank offers government-backed loans for businesses in California including small business and disaster programs through its network of banking and mission based lending partners.

California State Treasurer’s Office | https://www.treasurer.ca.gov/cpcfa/calcap/sb [8]| 916-654-5610
California Capital Access Program for Small Business is another state government-backed loan program that operates through a network of lenders to offer credit.

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Source URL: https://a70.asmdc.org/small-businesses

Links
[1] https://www.cdtfa.ca.gov/taxes-and-fees/SB1447-tax-credit.htm
[2] https://www.connect2capital.com/p/californiarebuildingfund/
[3] https://business.ca.gov/
[4] https://www.gov.ca.gov/2020/11/30/governor-newsom-announces-immediate-assistance-for-businesses-impacted-by-covid-19-including-temporary-tax-relief-and-500-million-in-grants/
[5] https://disasterloanassistance.sba.gov/s/
[6] https://www.sba.gov/
[7] https://www.ibank.ca.gov/
[8] https://www.treasurer.ca.gov/cpcfa/calcap/sb/index.asp