Apr 16, 2020
Governor Gavin Newsom unveiled a series of new resources to aid small businesses and help California workers who have lost work due to COVID-19. California small businesses impacted by the COVID-19 crisis can apply for a loan from the federal government for up to $10 million. The program is first-come, first-serve and the Governor encourages all eligible California small businesses to contact their lender to learn more.
The Governor also announced that the state is allocating $50 million to the California Infrastructure and Economic Development Bank for loan guarantees to small businesses to help eliminate barriers to capital for individuals who do not qualify for federal funds, including low wealth and undocumented immigrant communities. The state is also allowing small businesses to defer payment of sales and use taxes of up to $50,000, for up to 12 months.
Additionally, the Governor joined Bitwise Industries and the Kapor Center to launch OnwardCa.org, a new platform connecting displaced California workers with more than 70,000 job opportunities in critical industries.
Earlier, Newsom signed an executive order to help small businesses, granting a 90-day extension for small businesses to pay sales taxes. Newsom also announced $17.8 million in new state initiatives to support California workers impacted by COVID-19. The allocation will come from Workforce Innovation and Opportunity Act funds with $7.8 million going to the Los Angeles region and $10 million made available statewide. For more information, go to covid-19.ca.gov.
