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December 3, 2020
City of Moorpark
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California Announces New Grants and Programs for Small Businesses

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.

New COVID Relief Grants for Small Business
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.

Main Street Small Business Tax Credits
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:
  • Employed 100 or fewer employees as of December 31, 2019
  • Suffered a 50% decrease or more in income tax gross receipts (generally all income less returns and allowances), when comparing 2Q-2020 to 2Q-2019

Sales Tax Relief Program
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:
  • Provide an automatic three-month extension for taxpayers filing less than $1M in sales tax
  • Extend the availability of existing interest and penalty-free payment agreements to companies with up to $5 million in taxable sales
  • Provide expanded interest free payment options for larger businesses particularly affected by significant restrictions on operations based on COVID-19 transmissions

California Rebuilding Fund
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.

Federal Employee Retention Tax Credits
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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799 Moorpark Avenue
Moorpark, CA 93021

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(805) 517-6200