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EDC Business Alert- California Comeback Plan

by Community Contributor • July 14, 2021 • Comments Off

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CALIFORNIA COMEBACK PLAN

On July 12, 2021, Governor Newsom signed the California Comeback Plan to help the State’s recovery. The California Comeback Plan focuses on providing relief to those that need it most and major investments to address the state’s most persistent challenges. The Plan provides immediate cash relief to middle class families and businesses hit hardest by the pandemic.

Resources for Small Businesses

More information on how to access the following funds will be available soon.

2 out of every 3 Californians get Golden State Stimulus checks: The Plan creates the biggest state tax rebate in American history, expanding direct payments to middle class families for a total of $12 billion in stimulus payments that will go directly to middle class Californians and families. Nearly two thirds of Californians will now qualify for a stimulus check of $600. Qualified families with kids will receive an additional $500.

Largest statewide renter* assistance program in the country: Under the Governor’s Plan, California is offering the largest renter assistance package of any state in America. The Plan provides a total of $5.2 billion to help low-income renters and landlords, covering 100 percent of back-rent and all prospective rent for several months into the future. The Plan also includes $2 billion for past-due water and utility bills and more money than ever for tenant legal assistance. *May only support residential renters.

Largest small businesses relief program in the nation: The Plan invests an additional $1.5 billion for a total of $4 billion in direct grants to California’s small businesses – on top of $6.2 billion in tax relief – putting more money directly into the pockets of hundreds of thousands of small business owners and helping them re-hire workers displaced by the pandemic. The Plan also:
Creates a $120 million California Competes Tax Credit grant program to incentivize businesses to relocate to the state,
Invests $35 million for the California Dream Fund to provide microgrants of up to $10,000 to seed entrepreneurship and spur small business creation in underserved groups and communities,
With $500 million in new grants to be used to create opportunities for workers who lost their jobs during the pandemic.

Additional State Recovery Priorities

Confronting homelessness and the housing affordability crisis.

Transforming public schools into gateways of opportunity.

Bolstering wildfire resilience and tackling climate change.

Building the infrastructure of the next century.

Review the California Comeback Plan details:

Governor Newsom Signs Plan Announcement CLICK HERE

Governor Newsom Highlights Immediate Relief CLICK HERE

Looking for NO-COST Business Consulting Services?

The EDC SBDC call team and experienced advisors are available to answer questions and help you navigate today’s complex business environment. The Economic Development Collaborative hosts the Small Business Development Center and is funded in part through a cooperative agreement with the U.S. Small Business Administration. Signing up as a client takes just a few minutes and provides you with lifetime access to all of our no-cost services.

Get started today with no-cost consulting by calling our

Business Assistance Line at 805.409.9159.

Resources and advising are available in English and Spanish.

Stay up-to-date on local, state and federal resources related to the pandemic by visiting our COVID-19 Business Resource page regularly CLICK HERE.