The National Federation of Independent Business, a small business advocacy group, found that 76% of small businesses have been negatively impacted by the coronavirus outbreak.
To help, Newsom issued an executive order extending the deadline for small businesses to file state tax returns of less than $1 million. This gives small businesses a 90-day extension to file their first-quarter returns.
Small businesses can also apply for a loan under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The federal aid provides nearly $350 billion to help small businesses access loans faster. For businesses that don’t qualify, the state has allocated an additional $50 million and people can apply with participating lenders here.