GGN signs SB 113 - expanded relief for small businesses and package to promote innovation and entrepreneurship

SB 113 includes provisions that:

• Provide a nearly $500 million tax cut for restaurants and venues: By conforming state tax policy for the federal Restaurant Revitalization Fund and federal Shuttered Venue Operators grant programs, grants received by such businesses will not be considered taxable by the state – translating into a tax cut totaling nearly $500 million over the coming years.
• Restore $5.5 billion in tax credits and deductions for California businesses: By restoring business tax credits, including for research and development and the net operating loss deduction for businesses one year early, the near-term benefit for such businesses is estimated to reach $5.5 billion.
• Invest $150 million in COVID-19 relief grants for California’s small businesses: SB 113 invests an additional $150 million in California’s Small Business COVID-19 Relief Grant Program to fund applicants on the waitlist – the program has provided grants of up to $25,000 for small businesses impacted by the pandemic.

See GO press release from 2/9/22

2/16/22 email from CalOSBA:

CalOSBA Announces Grants to Expand Small Business Assistance in California

Sacramento, CA – The California Office of the Small Business Advocate (CalOSBA) today announced grant awards to technical assistance and grantmaking partners of the California Dream Fund Program. The California Dream Fund Program is a one-time $35 Million grant program that will provide microgrants to seed entrepreneurship and small business creation in California.

To qualify for the Dream Fund program, small startup businesses must complete a rigorous training and consulting program with one of seventeen technical assistance centers selected from CalOSBA’s Technical Assistance Expansion Program (TAEP) network. Businesses that complete the program and qualify for the grant will be eligible to receive a microgrant of up to $10,000. Lendistry has been selected to administer the grantmaking process.

“Access to capital is critical for small business success and when matched with Technical Assistance, it can make the difference between success and failure for small businesses, and entrepreneurs, especially those who are under resourced to start. California’s stellar TA network is uniquely qualified and well positioned to provide services to diverse groups and communities across the state,” said Tara Lynn Gray, Director of CalOSBA. 

The Dream Fund builds on CalOSBA’s existing technical assistance network, which is centered by the TAEP and Capital Infusion (CIP) programs. Since launching in 2018, technical assistance centers funded by TAEP and CIP have served over 500,000 small businesses with free consulting and no to low cost training in over 30 languages.

Visit CalOSBA’s new website for more information and view the TAEP network.

Edit Financial help for businesses page to reflect these changes once more info is available.