On April 2nd, Governor Gavin Newsom expanded California’s resources to small businesses impacted by COVID-19. Specifically, he:
- Announced a $50 million loan program for small businesses. The package is aimed at businesses that might not be eligible for Small Business Administration loans or the U.S. Treasury Department's new Paycheck Protection Program.
- Proposed that the state allow small businesses to defer payment of sales and use taxes of up to $50,000, for up to 12 months. Please note that this policy is likely to require approval from the state Legislature, which is on recess until at least April 13th.
Applications for California's new program will open Friday, April 3rd and will be available through the state's coronavirus website.
RINA Accountants & Advisor are here to help guide you through these difficult times and to keep you updated on the financial and tax effects of this crisis. Please, reach out to us if you have any questions or if we can help in anyway. We are here to be of service.