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Last week, Governor Gavin Newsom announced the state will offer temporary tax relief and $500 million in aid to small 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.
• Provides expanded interest free payment options for larger businesses particularly affected by significant restrictions on operations based on COVID-19 transmissions.
To read more about the temporary tax relief for small businesses, click here.
– Jordan Davis, City of Pittsburg, CA
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FYI- the same fund is also available to nonprofit organizations whose yearly gross revenues are 2.5 million or less. https://calnonprofits.org/publications/article-archive/735-new-500-million-state-covid-relief-grants-program-includes-nonprofits