?Cal Cities weekly COVID-19 update: Nov. 19-Dec. 2
Dec 1, 2020
The temporary tax relief involves 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. The application period is now open.
To help impacted small businesses rebuild from the economic crisis and keep local economies strong, the Governor announced the opening of the California Rebuilding Fund. The fund was developed as a result of recommendations from the Governor’s Task Force on Business and Jobs Recovery and will support California’s small businesses by offering flexible, affordable capital, and free advisory services through community-based lenders.
The fund is a public-private partnership that drives capital from private, philanthropic and public sector resources – including a $25 million anchor commitment and $50 million guarantee allocation from the California Infrastructure and Economic Development Bank (IBank) – to Community Development Financial Institutions (CDFIs). Interested small business owners can apply for a loan at www.CALoanFund.org.
State updates
To help impacted small businesses rebuild from the economic crisis and keep local economies strong, the Governor announced the opening of the California Rebuilding Fund. The fund was developed as a result of recommendations from the Governor’s Task Force on Business and Jobs Recovery and will support California’s small businesses by offering flexible, affordable capital, and free advisory services through community-based lenders.
The fund is a public-private partnership that drives capital from private, philanthropic and public sector resources – including a $25 million anchor commitment and $50 million guarantee allocation from the California Infrastructure and Economic Development Bank (IBank) – to Community Development Financial Institutions (CDFIs). Interested small business owners can apply for a loan at www.CALoanFund.org.
State updates
- Governor Newsom Announces Immediate Assistance for Businesses Impacted by COVID-19 Including Temporary Tax Relief and $500 Million in Grants (11/30/20)
- Governor Newsom Issues First-Ever Social Innovation Impact Report Highlighting $3.9 Billion in Corporate and Philanthropic Partnerships Aiding State’s Housing Efforts, COVID-19 Response and More (11/24/20)
- Governor Newsom Announces Launch of California Rebuilding Fund to Help State’s Smallest Businesses Protect their California Dream (11/20/20)
- Governor Releases Task Force on Business and Jobs Recovery Report (11/20/20)
- State Issues Limited Stay at Home Order to Slow Spread of COVID-19 (11/19/20)
- State COVID-19 Updates – Governor's Office
- Daily COVID-19 Facts – California Department of Public Health
- Cal OES Key Messages regarding COVID-19/Daily Information – California Office of Emergency Services
- Cities Urge Lame Duck Congress to Overcome Stalemate on Appropriations and Emergency Aid – National League of Cities update (12/1/20)
- COVID-19 Resources and Information for Cities – League of California Cities