California and the federal government are providing tax assistance and benefits to small businesses. This includes:
- Interest-free deferral of sales/use tax up to $50,000 for businesses with less than $5 million in taxable sales
- A $1,000 tax credit for new employees hired by small businesses (up to $100,000 per business)
- Excluding forgiven Paycheck Protection Program loans from state gross income
- Federal tax credits to small businesses for COVID-19 employee paid leave
IBank’s Small Business Finance Center features a loan guarantee program designed to assist small businesses that experience capital access barriers. The Small Business Loan Guarantee program encourages lenders to provide funds to small businesses to help them grow and prosper.
Originally known as the Small Business Loan Guarantee Program (SBLGP), the SBFC received seed money in 1968 in an effort to reduce unemployment by supporting entrepreneurship and small businesses. The Finance Center promotes statewide economic development by increasing opportunities for entrepreneurs, the self-employed, microbusiness and small business owners to have better access to capital and other technical resources.
The Small Business Loan Guarantee program helps businesses create and retain jobs, and encourages investment in low- to moderate-income communities. The Small Business Loan Guarantee program is available to small businesses throughout the state of California and serves hundreds of small businesses each year.
Governor Gavin Newsom announced the launch of a first-in-the-nation “Great Plates Delivered” program, a meal delivery service for California’s older adults.
We are pleased to announce that the Federal Emergency Management Agency (FEMA) Public Assistance (PA) program has authorized a time extension for the Great Plates Delivered program to December 8, 2020.
Great Plates Delivered has two purposes:
- Help seniors and other adults at high risk from COVID-19 to stay home and stay healthy by delivering three nutritious meals a day, and
- Provide essential economic stimulus to local businesses struggling to stay afloat during the COVID-19 crisis.