$120 million in CalCompetes grant funding available

Governor Newsom’s enacted state budget for Fiscal Year 2021/2022 created the California Competes Grant Program (CCGP) and appropriated $120 million in funding. The application period opens 1月uary 3, 2022 and closes 1月uary 24, 2022. This is a great opportunity for clients who typically wouldn’t be able to take advantage of a tax credit or are looking for funding that’s more easily monetized. CalCompetes grants will be awarded competitively based on the evaluation criteria below.

CCGP优先考虑的公司

A significant priority for this grant program is to make resources available to businesses for whom a non-refundable tax credit would not provide a significant financial benefit. The CCGP was specifically created for three types of businesses:

1. Businesses that continuously reinvest profits, generating either significant research and development tax credits and/or net operating losses resulting in little to no tax liability
2. Smaller businesses with relatively low tax liabilities
3. 创业公司 with little to no tax liability

可用的资金

A total of $120 million is available. The authorizing legislation for this program sets a maximum grant request of 30% of the total amount available. Applications are subject to a minimum request of $5 million and a maximum request of $36 million.

Eligibility and evaluation criteria

合资格的申请人必须符合 至少有一个 下列准则之一:

1. Create 500 new, full-time equivalent jobs (at least 35 hours per week)
2. Make $10 million in construction or renovation investment over five years
3. Create jobs or make investments in high-poverty or high-unemployment area

Companies will be evaluated based on:

• 新增和保留就业岗位数量
• 支付给雇员的补偿
• 投资额
• Duration of proposed project and commitment to remain in the state
• Extent of unemployment or poverty in business area
• Extent the benefit to the state exceeds the amount of grant
• 激励 available in other states
• Opportunity for growth and expansion
• Other incentives available in California
• 整体经济的影响
• Strategic importance to the state, region or locality
• Training opportunities offered to employees
• The extent to which the grant will influence the applicant’s ability and/or willingness to create new full-time jobs in California that might not be created by the applicant or another California business

 

2022 CalCompetes grant application timeline

1月. 3, 2022	应用程序时间打开 The grant application portal will open on this date and will be available at www.calcompetes.ca.政府
1月. 24, 2022	第一阶段申请截止日期 Phase I applications must be submitted through the online portal no later than 11:59 p.m. 1月. 24, 2022
1 - 2022	Phase II Application and Evaluation Once all applications have been reviewed, the most competitive applicants will be invited to participate in a Phase IIA or IIB application process. Applicants invited to participate in Phase IIA or IIB will be informed by email of the deadline to submit additional information.
2022年3月	试探性的奖项 The Governor’s Office of Business and Economic Development will evaluate applications, prepare grant agreements (contracts) for signature and recommend grant awards during this period.
2022年4月21日	委员会会议 The Cal Competes Committee has the ultimate authority to approve or reject grant agreements. The Committee will host a public meeting on 2022年4月21日. Businesses will be notified if they need to attend the meeting to answer questions from the Committee members.
2022-2026	格兰特术语 Grant recipients will have until the end of the five-year grant agreement to achieve their contractual milestones and earn grant funds.

The GSEC team is experienced in helping companies secure Cal Competes funding. We’re happy to help you and/or your clients navigate the application process. Please get in touch with our business development team to learn more.