Financial help for businesses: expanded relief for small biz

[LizNobriga]

GGN signs SB 113 - expanded relief for small businesses and package to promote innovation and entrepreneurship

SB 113 includes provisions that:

• Provide a nearly $500 million tax cut for restaurants and venues: By conforming state tax policy for the federal Restaurant Revitalization Fund and federal Shuttered Venue Operators grant programs, grants received by such businesses will not be considered taxable by the state – translating into a tax cut totaling nearly $500 million over the coming years.
• Restore $5.5 billion in tax credits and deductions for California businesses: By restoring business tax credits, including for research and development and the net operating loss deduction for businesses one year early, the near-term benefit for such businesses is estimated to reach $5.5 billion.
• Invest $150 million in COVID-19 relief grants for California’s small businesses: SB 113 invests an additional $150 million in California’s Small Business COVID-19 Relief Grant Program to fund applicants on the waitlist – the program has provided grants of up to $25,000 for small businesses impacted by the pandemic.

See GO press release from 2/9/22

2/16/22 email from CalOSBA:

CalOSBA Announces Grants to Expand Small Business Assistance in California

Sacramento, CA – The California Office of the Small Business Advocate (CalOSBA) today announced grant awards to technical assistance and grantmaking partners of the California Dream Fund Program. The California Dream Fund Program is a one-time $35 Million grant program that will provide microgrants to seed entrepreneurship and small business creation in California.

To qualify for the Dream Fund program, small startup businesses must complete a rigorous training and consulting program with one of seventeen technical assistance centers selected from CalOSBA’s Technical Assistance Expansion Program (TAEP) network. Businesses that complete the program and qualify for the grant will be eligible to receive a microgrant of up to $10,000. Lendistry has been selected to administer the grantmaking process.

“Access to capital is critical for small business success and when matched with Technical Assistance, it can make the difference between success and failure for small businesses, and entrepreneurs, especially those who are under resourced to start. California’s stellar TA network is uniquely qualified and well positioned to provide services to diverse groups and communities across the state,” said Tara Lynn Gray, Director of CalOSBA. 

The Dream Fund builds on CalOSBA’s existing technical assistance network, which is centered by the TAEP and Capital Infusion (CIP) programs. Since launching in 2018, technical assistance centers funded by TAEP and CIP have served over 500,000 small businesses with free consulting and no to low cost training in over 30 languages.

Visit CalOSBA’s new website for more information and view the TAEP network.

Edit Financial help for businesses page to reflect these changes once more info is available.

[LizNobriga]

Update link to find your county contact for the CA microbusiness covid-19 relief grant program (expand accordion).

The California Microbusiness COVID-19 Relief Grant is administered by the California Office of the Small Business Advocate (CalOSBA). The Program provides competitive micro grants of $2,500 to eligible microbusinesses impacted by COVID-19 and the related health and safety restrictions. Amounts available for each County are based on population as determined from the latest population estimates from the California Department of Finance. The role of grantmaking entities was granted to County government agencies or a consortium of nonprofits through two rounds of applications.

This program will be implemented by County organizations or nonprofits working on their behalf. For application details and updates specific to the program available in your county, please contact the organizations listed for your county in the link below.

This list will be updated as additional counties are added to the program. If your county is not currently listed, please check back for future updates.

Find Your County Contact

[LizNobriga]

@m-sullivan7 Could you review the edits to the microbusiness grant program?

(I'm still expecting other edits about the restored tax cuts for businesses eventually, but I can't find anything describing those besides the bill itself.)

[m-sullivan7]

They look good to me! No changes. 🙂

[LizNobriga]

@mediajunkie Are we okay to publish this update for the microbusiness grant program?

California Microbusiness COVID-19 Relief Grant Program Small businesses may be eligible for a grant of $2,500 from the California Microbusiness COVID-19 Relief grant program. Find an organization on this list that’s in your county. Contact them by phone or email for details and how to apply. Check your county’s website for opportunities to apply for this funding in your area.

[mediajunkie]

Yes. Please publish. -- Christian Crumlish Product Manager | Office of Digital Innovation Digital Crisis Standard https://github.com/cagov/covid19/wiki/Crisis-Standard - covid19.ca.gov 415-672-5759 | @.***

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[LizNobriga]

Published the microbusiness update.

Moving this ticket to backlog until there's more info available about the restored tax cuts for businesses.

[LizNobriga]

https://opr.ca.gov/economic-development/just-transition/cerf.html?msclkid=042b7a67b6a511ec99214dca35e86b5c#what-is

Community Economic Resilience Fund

The CERF was created to promote a sustainable and equitable recovery from the economic distress of COVID-19 by supporting new plans and strategies to diversify local economies and develop sustainable industries that create high-quality, broadly accessible jobs for all Californians.