With COVID-19 infection rates rising and Governor Newsom warning of the potential for more stay-at-home restrictions, he has also announced several new tax relief and grant program for small businesses.

Governor Newsom announced the creation of a $500 million COVID Relief Grant program to be administered by the California Office of the Small Business Advocate (CalOSBA) for small businesses that have been impacted by COVID-19 and the assivcated health and safety restrictions. While CalOSBA is still finalizing the structure of the program, you should sign up for alerts from CalOSBA to get information as soon as program details and applications are available.

The California Department of Tax and Fee Administration is already accepting applications for the Main Street Small Business Credit Program for tax credits for small businesses that meet both of the following criteria:

The Governor directed the California Department of Tax and Fee Administration to provide sales tax relief to businesses. Tax deferment up to $1 million is automatic; no need to apply. Businesses can use the money they would normally pay in sales tax to float other expenses, interest-free, for three months. The sales tax relief would:

The California Rebuilding Fund is a public-private partnership that is specifically targeting small businesses with loans up to $100,000 (depending on pre-COVID revenues) at fixed interest rates (currently 4.25%) with a 60-month repayment term and interest-only payments for the first 12 months. The Fund is initially targeted toward small businesses with fewer than 50 full-time employees and those in economically distressed communities.

In addition to California's new programs, the IRS is offering refundable Employee Retention Tax Credits against certain employment taxes equal to up to 50 percent of the qualified wages an employer pays to employees between March 12, 2020 and January 1, 2021. To be eligible, an employer or non-profit organization must have experienced a COVID-related suspension of their business or a significant decline in gross receipts.

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