On Wednesday (September 9 2020) California governor Gavin Newsom announced help for our small businesses:
1. If you own a small business (100 employees or less) and you hire additional employees you could get a $1000 tax credit for each person you hire
2. For certain loans, if they’ve been forgiven, you don’t have to pay state tax on them
3. A new California fund has been set up to help small businesses jump start construction costs
This is much needed. Governor Newsom said 44% of small businesses in California are considering closing down. The details are being worked on now in Sacramento regarding how the applications and approvals will be handled but the laws go into effect January 1. See the Twitter post below for more!
Photo Credit: Getty