Earlier this month, Governor Gavin Newsom announced the establishment of a $500 million COVID-19 relief grant program along with a temporary tax-relief plan.
Grant Program for Small Businesses
The Governor’s Office of Business and Economic Development will be administering the $500 million in grants allotted by the Governor. These grants will be given in amounts of up to $25,000 and will be available for eligible underserved micro and small businesses along with non-profits that have been impacted by the pandemic and/or the health and safety regulations. The funds will be distributed by intermediaries. Currently, the program details and eligibility requirements are being developed but interested parties can keep track of the program’s status here
. In addition, those wanting more updates can sign up for email notifications here
. Finally, keep an eye out for the Chamber’s emails as we will notify you when more information is made available.
Tax Relief Program
Taxpayers can now apply for penalty and interest relief for 90 days if reporting less than $1 million in sales on their tax return. According to this program, taxpayers are granted an automatic 3 month extension. Companies with up to $5 million in taxable sales can also access interest and penalty-free payment agreements.