Gov. Gavin Newsom shares state efforts to help economy recover

SACRAMENTO, Calif. (KION)

UPDATE 8/12/2020 12:30 p.m. As part of his update on the state's response to the COVID-19 pandemic, Gov. Gavin Newsom shared what the state has been working on to help the economy as shut downs continue.

He first emphasized that the most important economic recovery tool for businesses is to stabilize the spread of the virus, but he also said that we need a more inclusive, resilient and future-proofed economy that focuses on the near, medium and long term.

To help support the economy, Newsom said the Jobs and Economic Recovery Task Force has helped with guidance for business sectors to allow for safer reopening, developed the "Wear a Mask" campaign, launched #ShopSafeShopLocal, produced recommendations from subcommittees and 90 of its members signed a letter asking for more federal funding

In addition, Newsom said the state has worked to simplify accounting methods to reduce liabilities for small businesses, eliminated the minimum franchise tax for all first-year businesses, allowed small businesses to defer sales tax payments for 12 months and up to $50,000 and extended sales tax deadlines.

To support the economy, Newsom said $1 billion each has been given to tax credits for working families and in additional low-income housing tax credits over the past two years.

Newsom said state efforts have also gone towards supporting small businesses, and one of the ways it has done that is through the Great Plates Delivered Program. He said more than 5.6 million meals have been served and 8,000 jobs have been supported. Other efforts include SafelyMakingCA.org, a workshare program and Small Business Centers.

PREVIOUS STORY: Gov. Gavin Newsom is expected to provide an update on the state's response to the COVID-19 pandemic at noon Wednesday.

According to the California Department of Public Health, there were more than 574,000 confirmed cases as of Aug. 10. 10,468 people have died.