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​Cal Cities weekly COVID-19 update: Nov. 19-Dec. 2

December 2, 2020
Gov. Gavin Newsom announced earlier this week that the state will provide temporary tax relief for eligible businesses impacted by COVID-19 restrictions. 
 
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 Federal Update  For more information


 
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