COVID-19: Small Business Resources
California Competes Tax Credit
The California Competes Tax Credit (CCTC) is an income tax credit available to businesses that want to locate in California or stay and grow in California. The application period runs through August 17. The application can be found online as well as FAQ’s and links to register for informational webinars with step-by-step instructions on how businesses can complete the application.
For more information visit, https://business.ca.gov/california-competes-tax-credit/
California Department of Tax and Fee Administration
(NEW) On April 2nd, Gov. Gavin Newsom called for letting small businesses keep up to $50,000 in sales tax receipts for 12 months due to COVID-19. Gov. Gavin Newsom said the reprieve would function as a loan to small businesses, with the state not charging fines or penalties. More information coming soon.
Taxpayers may request assistance by contacting the CDTFA. Requests for relief of interest or penalties or requesting an extension for filing a return may be made through their online services. MORE INFORMATION
Small Business Financial Resources
In addition to the Small Business Administration providing disaster loans up to $2 Million and $10,000 loan advances to small businesses in need, the CARES Act was signed in to law on March 27, which contains $376 billion in relief for American workers and small businesses.
There are four funding resources available for small businesses:
(NEW) Payment Protection Program: This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. LEARN MORE. Please be aware that the demand for these funds is high and many are experiencing wait times getting ahold of financial services providers.
Economic Injury Disaster Loan Advance and Loan (COVID-19 Related): This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties and/or working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. LEARN MORE.
SBA Express Bridge Loans: Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. LEARN MORE.
SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. LEARN MORE.
For Questions: Call 1-800-659-2955 (TTY: 1-800-877-8339) or
CA Infrastructure and Economic Development Bank Loans
(NEW) The Governor also announced that the state is allocating $50 million to the California Infrastructure and Economic Development Bank for loan guarantees to small businesses to help eliminate barriers to capital for individuals who do not qualify for federal funds, including low wealth and undocumented immigrant communities. More information coming soon.
Women's Economic Ventures (WEV) Quick Response Loans
WEV wishes to provide financial support and assistance to businesses in Santa Barbara and Ventura counties experiencing economic hardship as a result of the COVID-19 pandemic of 2020. MORE INFORMATION.