November 2010 E-Newsletter
CREATING JOBS, HELPING BUSINESSES
Earlier this month, a dozen small business owners attended a roundtable meeting I sponsored and told me about the problems they face in California with regulations and taxes.
Their concerns dovetail with the conversations I’ve had with many other Assembly District 24 constituents: Both groups have made it clear their number-one concern is California’s sluggish economy.
Our economic recovery and job creation are linked to the future of California’s small businesses. More than 3.2 million small businesses are based in the state and they account for more than half of our private sector jobs.
Can we continue to grow more small businesses? The answer is California doesn’t have a choice – it must keep and increase the number of our small businesses, which historically have been the incubators of our dominant industries such as high tech. Just as apparent is that Californians expect their lawmakers to do everything they can to spur job growth.
In response, I have been working with lawmakers to rejuvenate our economy by pushing legislation such as Assembly Bill 1632.
As a member of the Committee on Jobs, Economic Development, and the Economy, we introduced AB 1632, the Small Business Act, to inject $33 million into programs for small business finance and technical assistance.
The bill, a priority for Speaker John Perez’s Economic Recovery and Jobs Task Force, rescued a program that enables small businesses obtain loans from private lenders based on the state issuing a guarantee for up to 90 percent of the loan through a special fund.
AB 1632’s funds will also be used to leverage millions more in federal dollars to assist our businesses.
In all, AB 1632 has the potential to serve 54,000 small businesses statewide and create or protect an estimated 27,000 jobs.
The committee also initiated an evaluation of the cost of state regulations on businesses, large and small.
In addition to this work, I supported SB 15, since signed into law, which gives tax credits to small businesses based on the new employees they hired.
The Legislature can do more and we will do more in the next session to get our economy moving and generate more jobs.
EMPLOYER TAX CREDIT
The federal Work Opportunity Tax Credit Program allows companies to apply for a tax credit of up to $9,000 per newly hired employee.
To qualify, companies must hire people from specific target groups who experience barriers to employment. For more information, click here.
PRE-EXISTING CONDITION INSURANCE
The California Pre-Existing Condition Insurance Plan is now open and accepting enrollees. This plan is an outgrowth of the federal Affordable Care Act of 2010.
This insurance plan offers coverage to medically uninsurable California residents who have not had health coverage in the six months prior to applying. Rates are based on the age of the applicant and where they live.
Learn more by clicking here or calling toll free (877) 428-5060.
More than 50 million Americans, 16 percent of the U.S. population, lack consistent access to a nutritious diet. Many of them are families with children.
This season, the non-profit Second Harvest Food Bank of Santa Clara and San Mateo counties is again conducting food drives to help feed the 231,000 they serve. To contribute, look for food donation barrels at selected local supermarket or drop off food at Second Harvest’s warehouse dock at 750 Curtner Avenue, San Jose. To find when the warehouse dock is open for donations, click here.