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Governor Gavin Newsom has 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. The total tax relief, if fully utilized, is estimated to have billions in impact.
Additional information on the tax credit program and applications can be found here.
The state will build on its ongoing support for businesses impacted by COVID-19 with a new $500 million COVID Relief Grant program. The Governor also announced that the state would expand the California Rebuilding Fund by $12.5 million, bringing the total investment to $37.5 million. These efforts are informed by recommendations made by the Governor’s Task Force on Business and Jobs Recovery.
CalOSBA is establishing the COVID Relief Grant program and will make it available to small businesses as soon as possible – for updates on availability visit here.
