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Governor Newsom Announces New Assistance Programs for Small Businesses

New $500 Million COVID Relief Grant: 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 are also be eligible. Sign up for updates from CalOSBA.

Temporary Tax Relief: Includes an automatic three-month income tax extension for taxpayers filing less than $1 million in sales tax, extends the availability of existing interest and penalty-free payment agreements to companies with up to $5 million in taxable sales and provides expanded interest free payment options for larger businesses particularly affected by significant restrictions on operations based on COVID-19 transmissions. Read more.

Hiring Tax Credit: Senate Bill 1447 authorizes $100 million in hiring tax credits for qualified small businesses, equal to $1,000 per qualified employee, up to $100,000 per small business employer. Applications opened December 1. Read more.

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