December 2020

California Small Business Covid-19 Relief Grant Program

Posted on December 31, 2020. Written by GPW

On November 30, 2020 Governor Gavin Newsom announced the creation of a $500 million Covid-19 Relief Grant for small businesses that have been impacted by covid-19.

$500 Million in Covid-19 Relief Grants for Small Businesses

There will be two rounds of funding,…
Read More

California Assistance for Small Businesses and Employers Impacted by Covid-19

Posted on December 31, 2020. Written by GPW

California has multiple resources for small businesses impacted by Covid-19 including the following:

Extensions, Tax Relief, and Credits

Extended filing Deadline

The California Department of Tax and Fee Administration (CDTFA) is providing a three-month extension for individuals and…
Read More

Expenses paid with PPP loan funds are now tax-deductible

Posted on December 30, 2020. Written by GPW

Under the CARES Act, the amount of Paycheck Protection Program (PPP) loan forgiven is excluded from gross income. On May 2, 2020 the Department of the Treasury and the IRS released Notice 2020-32, which clarified that no deduction would be allowed for expenses paid…
Read More

Federal and California treatment of the PPP loan forgiven and related expenses.

Posted on December 7, 2020. Written by GPW

Under the CARES Act, the amount of Paycheck Protection Program (PPP) loan forgiven is excluded from gross income. On May 2, 2020 the Department of the Treasury and the IRS released notice 2020-32, which clarified that no deduction is allowed for expenses paid from…
Read More