Volume 12 | December 2020

ECONOMIC DEVELOPMENT NEWS & INVESTOR UPDATES

Need Maintenance Mechanics?VOLT Can Help As 2020 comes to an end VOLT is gearing up for its biggest year yet. Hundreds of thousands of dollars in equipment from a grant from the Economic Development Administration has been delivered and is in the process of being installed. If you are an employer in Modesto or Turlock and you laid off employees due to COVID they are eligible to enroll in the Maintenance Mechanic training free of charge. Slots for the Modesto COVID scholarship are starting to fill up just as Turlock announced plans for its own program. If you are interested email Tyler Richardson. New classes start January 5 for the rigorous 360-hour training so let us know if you have encumbents you want to enroll. Remember you are entitled to an investor discount based on your level of investment! Opportunity Stanislaus Report on Sector Strategies Efforts Opportunity Stanislaus has been hard at work on the formulation of strategies in key areas identified by Stanislaus County Workforce Development as being important for the future growth of our county. The included industries were manufacturing, logistics/warehouse, health, and agriculture. After surveying 130 employers from the sectors and hosting summits to allow for collaborative dialogue, a summary report was prepared by Opportunity Stanislaus Program Manager Teresa Green: Click Here to See the Report. Highlights include suggestions for how economic development and workforce resources can be best used including additional training options, increased awareness of programs via marketing and updating of curriculum regularly to ensure maximum relevance to industry standards.

Noted Economist Says Economic Outlook Is Promising You might remember Economist Dr. Christopher Thornberg from his speech at the 2019 Annual Investor Meeting. His team has been hard at work crunching economic data and their most recent report offers hope, good news: Darkest Before The Dawn: A Hard Winter Ahead But Vaccine News Boosts An Economic Recovery That Is, And Has Been, Underway As one of the most traumatic and disruptive years in U.S. economic history comes to a close, good news on multiple fronts suggests better times are on the not-too-distant horizon. Despite the economic pain the COVID-19 pandemic has unleashed, according to Beacon Economics‘ latest outlook for the U.S. and California, the nation’s economy is not shattered, has already seen a remarkable bounce in economic activity, and is heading into the new year with a good degree of economic momentum. Beacon Economics has consistently challenged the doomsday predictions of many forecasters and continues to anticipate that U.S. GDP will grow 5% to 6% in the fourth quarter of 2020 and 4% to 5% in the first quarter of 2021. This represents a slower pace growth than in the firm’s previous forecasts due to the tragic resurgence of the virus that is now ensuing. Continue Reading. New Legislation Offers Relief to Businesses Impacted by COVID Have you heard about the $100 million tax credit created by that legislation: the Small Business Hiring Credit intended to ease economic hardships imposed on small businesses due to the necessary response to the COVID-19 pandemic?   An eligible small business can receive $1,000 in credit for each net new hire that occurred during the second half of 2020, up to $100,000 per business. This tax credit can be used against personal and corporate income tax liabilities OR sales and use tax liabilities from the 2020 tax year. This is an important point, as other tax credits are not as flexible. The eligibility criteria for this tax credit are: 1. The small business must have employed 100 or fewer employees as of December 2019 (this figure is for all employees, including part-time employees); 2. The small business has experienced a 50% decrease in gross receipts in the second quarter of 2020 (April 2020 through June 2020) compared to the second quarter of 2019 (April 2019 through June 2019); 3. The small business had a net increase in employment between July 2020 through November 2020, compared to the prior quarter (April 2020 through June 2020); 4. The small business applied for a tax credit registration between December 1, 2020, and January 15, 2021, with the California Department of Tax & Fee Administration (CDTFA). Apply early as funds are limited. Click here to apply or learn more.

Want To Go From Surviving To Thriving? This Training Is For You As part of its ongoing mission to deploy resources correlated with economic success Opportunity Stanislaus is pleased to promote this helpful six-session training. The training is sponsored by Valley Sierra Small Business Development Center and costs just $50 per person. Spots are limited so sign up early. To register click here.

Get The Help You Need From the Valley Sierra SBDC

In a time when businesses are struggling the free help Valley Sierra Small Business Development Center provides is a blessing. In addition to a wide range of free training (visit their website to see offerings), they also provide help with digital marketing. Upcoming trainings include: Funding Your Business Without Banks, Credit Cards or GoFundMe on December 22. Register Here. Coffee and Conversation with Sandbox Marketing (learn how one company pivoted during Covid to turn a crisis into success) is your chance to hear from experts and ask questions. Held January 13. Register Here.

Want free training for your managers and employees about COVID-19 or just need signage for your office/store? We can help! Click here for more information and free training!

Help us help you by taking our quick five-minute survey. This is your chance to weigh in on how you think we are doing and how we can better serve your business! Click here to take the survey.

Did you know Stanislaus County has an organization offering a free seven month education in coding? To learn more about Bay Valley Tech click here.