New Small Business Relief Programs
On December 1, 2020, California Governor Newsom announced a package of small business relief programs designed for businesses adversely impacted by public health restrictions imposed in response to the recent spike in COVID-19 cases and hospitalizations. The relief package includes an automatic three-month deferment of sales tax for businesses that generate less than $1 million in sales tax, designed to sustain small entrepreneurs during this challenging period. For more information, visit https://bit.ly/35aReb2.
Also announced was the Main Street Hiring Tax Credit that assists businesses in retaining staff by offering tax credits of up to $1,000 for every qualifying worker kept on payroll. For information on the Main Street Hiring Tax Credit program, visit https://bit.ly/2XkxvRz.
Another new program, which is proving to be extremely popular across the state, provides grants of up to $25,000 for eligible small businesses and nonprofit organizations. These Small Business COVID-19 Relief Grants will be funded from a pool of $500 million in reserve funds at the California Office of the Small Business Advocate (CalOSBA). The program officially began December 30, 2020, but its website experienced such high traffic volume that many businesses experienced technical difficulties accessing the application. Therefore, the application deadline for the first round of funding, originally January 8, 2021, has been extended to January 13, 2021. For more information on grant requirements or eligibility, visit www.careliefgrant.com.
The City of Norco provides its own resources for small businesses, including the Small Enterprise Assistance Loan (SEAL) Program that offers zero- or low-interest loans up to $20,000. Participation in assistance programs from the state or federal government does not disqualify a business from applying for a SEAL loan. For more information, visit www.norco.ca.us/SEAL.