What Every Businessperson Must Know About Prop 15, the $12.5 Billion-A-Year Property Tax Hike on the November Ballot
California is in the midst of an unprecedented economic crisis, and yet another threat is on the horizon
for small businesses.
Prop 15 on the November ballot will be the largest property tax increase in state history at $12.5 billion
Unless defeated by voters, the measure shreds long-standing Prop 13 protections that have kept
property taxes affordable and provided every taxpayer that buys a home or operates business with
certainty that they can afford their property tax bills in the future. Prop 15 repeals these protections for
business property by requiring reassessment at current market value at least every three years.
Prop 15’s higher property taxes will cause rents to skyrocket for small businesses and the cost of living to increase for all Californians. That’s why small businesses, farmers, social justice organizations, and taxpayer advocates across California oppose this massive tax increase.
Why should everyone be concerned about Prop 15?
The Oxnard Chamber Board of Directors strongly opposes Prop 15. The Chamber's Political Action Committee sent a financial Contribution to the NO on Prop 15 campaign. For more information, go to https://noonprop15.org/.
Economic Development Collaborative Awarded $2.45M in New Loan Capital to Support Ventura County Businesses
On August 5, 2020, the Economic Development Collaborative (EDC) secured $2.45M in new loan capital from the U.S. Department of Commerce/Economic Development Administration's CARES Act Fund to help support Ventura County businesses negatively impacted by COVID-19. Set to be allocated as an EDC Revolving Loan Fund (RFL) over the next 24-months, qualifying Ventura County businesses can apply to receive between $10,000 to $250,000 of working capital.
With this new $2.45M award, the EDC now controls $5M total in loan capital set for distribution specifically in Ventura County. Fixed with a 4.2% interest rate, all RFL recipients are reasonably expected to repay in full within 7 years.
"The Economic Development Administration (EDA) is one of the EDC's oldest partners," states Marvin Boateng, EDC Director of Lending. "We greatly appreciate their more than 24 years of continued financial support and are excited that this new grant will expand our opportunity to lend to small businesses within Ventura County. We know that many have been hard hit by COVID-19 and additional capital is a lifeline to businesses with limited cashflow."
Ventura County businesses interested in learning more about or applying for an EDC loan are encouraged to contact Marven Boateng directly via email at email@example.com or phone at (805) 409-9156.
After the coronavirus put the brakes on the Chamber's annual Community & Business Awards, originally scheduled in late April, we are moving forward for a presentation of the awards on Thursday, October 8 at 4 pm. The nomination period will be open until Tuesday, September 8 at 5 pm, so please submit your nominations before the deadline.
We all know people, organizations and businesses that contribute to our great community, why not spend a couple of minutes to honor them with a nomination? The categories are:
You can download a nomination form here, or click for the online form.
In case you missed it last Thursday, Oxnard's Mayor Tim Flynn delivered his annual address to the business community with a theme of Rebuild, Reinvest, and Revitalize. Although these are difficult times to be optimistic, Mayor Flynn's message was pragmatic about where the city needs to go in order to deliver services to it residents and businesses. The recorded presentation can be accessed here.
The Chamber sincerely thanks our sponsors for supporting this broadcast:
Free webinar from industry experts
PPP loans have been a lifeline for many small and medium size businesses during the COVID pandemic. Now that most of the funding has been released, it's time for loan recipients to think about getting the most loan forgiveness to keep that capital in our local economy.
The Oxnard Chamber has arranged for two experts to deliver a free webinar for PPP borrowers. Timothy A. Jones, Executive Vice President with Umpqua Bank, will address the SBA process to apply for forgiveness. He has become the bank's authority on PPP loans. Andrew Kiefer, CPA and Managing Director for CBIZ MHM LLP, will address accounting for applicable expenses and potential income tax consequences.
The webinar will be held on Thursday, August 13, at 1:00 pm. Click here to register.