East County News Service
Today’s announcements include 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.The application opens tomorrow, December 1. A full list of existing state support for businesses can be found here.
Nov 30, 2020 (Sacramento) -- As the federal government fails to provide additional financial stimulus support to main street businesses, Governor Gavin Newsom today announced that California will provide 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. In addition, last week the Governor announced short-term loans for small businesses available through the new California Rebuilding Fund. The state also launched $500 million in grants for impacted businesses and nonprofits.