Economic Development

COVID-19 Small Business Tax Credit

December 1st marks the beginning of the application period for the Small business Tax Credit allowing up tp $100,000 per business. 

Credit Reservations are Required: To receive a tax credit tentative reservation, qualifying small business need to apply to the California Department of Tax and Fee Administration (CDTFA) between December 1, 2020, and January 15, 2021. Reservations will be accepted on a first-come-first-serve basis. 

How the credit works: An eligible small business can receive $1,000 in credit for each net new hire that occurred during the second half of 2020, up to $100,000 per business. This tax credit can be used against personal and corporate income tax liabilities OR sales and use tax liabilities from the 2020 tax year. For more information and to reserve a credit reservation visit: https://www.ftb.ca.gov/file/business/credits/small-business-hiring-credit.html

Please view the link below to stay updated on all new information.

CA Rebuilding Fund Small Business Loans


The California Rebuilding Fund is a loan program to support California’s small businesses—especially those located in economically disadvantaged and historically under-banked areas of the state. Businesses who employed 50 or less full-time equivalent employees (FTEs) and had gross revenues of less than $2.5 million or below in 2019 are eligible to apply.

Please note, this program is not associated with the federal Paycheck Protection Program (PPP) or any other SBA program. The loans are not forgivable in part or whole.
 The loans will need to be paid back over a 3- or 5-year term with a fixed annual interest rate that is currently 4.25%. Please see the Loan Terms tab for details. For more information and to apply visit:   https://www.connect2capital.com/p/californiarebuildingfund/

Responsibilities

The Economic Development Department focuses on fostering private and public sector investment within the City. The Economic Development team is responsible for:
  • Business attraction, retention and expansion efforts
  • Marketing and promotion
  • Increasing the City's workforce and senior housing stock
  • Improving the quality-of-life via an array of services intended to support these goals
Among its responsibilities, the Economic Development Department directs and oversees the City's real estate functions including:
  • Acquisitions, disposition and leasing
  • Developing and administering the City's CDBG and Community Assistance Programs. 
  • Formulating and implementing innovative, new incentive programs
  • Orchestrating affordable housing development
  • Facilitating the creation of new, living-wage jobs
  • Grant writing, infrastructure development, workforce development and other initiatives set forth in the Agency Redevelopment Plans.