Image via flickr user Jernej Furman
Written by The Business Journal Staff
California’s Office of the Small Business Advocate (CalOSBA) announced three additional rounds for the California Small Business COVID-19 Relief Grant Program after Gov. Newsom signed the state budget, which includes the biggest economic recovery package in state history.
The additional $1.5 billion expansion, bringing a total of $4 billion, makes California’s small business relief program the largest in the country.
With this financial relief, two out of every three Californians are to receive stimulus checks, providing $12 billion in total, the largest state tax rebate in U.S. history.
The budget also carves out $5.2 billion for rent relief and an additional $2 billion for overdue water and utility bills.
“With three new rounds to aid equitable economic recovery, California is keeping its promise to small businesses, families and individuals to push back on the pandemic-induced financial hardships and create the environment for small businesses to come back better than before,” said Tara Lynn Gray, director of the Office of the Small Business Advocate.
The business grant program provides up to $25,000 for small businesses impacted by the pandemic.
To date, during the first six funding rounds of the program, 180,939 small businesses and nonprofits have been awarded over $2 billion in grant funding.
This relief, part of the governor’s $100 billion California Comeback Plan, also carves out $35 million for the California Dream Fund to provide migrants grants up to $10,000 to seed entrepreneurship and spur mall business creation in underserved groups and communities.
For more information, visit https://business.ca.gov/coronavirus-2019/.