New state assistance is being made available to businesses and organizations within California's creative field. Read below to learn more about these recently announced programs and services.
$500M in COVID Relief Grants for Small Businesses
Governor Newsom announced the creation of a $500 million COVID Relief Grant, administered by the California Office of the Small Business Advocate (CalOSBA) at the Governor’s Office of Business and Economic Development, for small businesses that have been impacted by COVID and the health and safety restrictions. Grants of up to $25,000 will be made available to underserved micro and small businesses, nonprofits, and cultural institutions throughout the state. The program is currently being developed and will open for applications as soon as possible. For updates on the program's launch, sign up here.
Tax Relief for Businesses Impacted by COVID-19
Governor Newsom's announcement for additional support for small businesses also included temporary tax relief for eligible businesses impacted by COVID-19 restrictions. The temporary tax relief entails 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 announcement builds on the state’s ongoing business support throughout the pandemic, including the Main Street Hiring Tax Credit, which authorizes $100 million in hiring tax credit for qualified small businesses. The credit is equal to $1,000 per qualified employee, up to $100,000 for each small business employer. Applications are open now.
The California Arts Council has created a COVID-19 News & Resources page, including the latest updates from the agency, emergency funding opportunities, emergency preparedness best practices, and webinars featuring arts leaders and artists from the national arts community.