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.
- 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.
- 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.
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.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance.