Applications for new California Competes Grant Program due by January 24
6 Dec 2021
California has created a new California Competes Grant (CalCompetes Grant) Program, with the first application period occurring from January 3 to January 24, 2022. $120 million of funds will be available, with $36 million potentially available to a single awardee. A business of any size is eligible to apply if it satisfies at least one of the following criteria: (1) creates at least 500 new full-time jobs in California, (2) makes capital investments of at least $10 million, or (3) the project will take place in an area of high unemployment or poverty as defined in the California Competes Tax Credit regulations.
As an above-the-line cash grant as opposed to a tax credit, the CalCompetes Grant is intended to benefit a broader range of companies, including those that have little or no tax liability, smaller businesses, startups, and flow-through entities.
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