Senator Cortese Supports Immediate Budget Action to Provide Relief to California Workers and Small Business
Governor Gavin Newsom, Senate President pro Tempore Toni G. Atkins and Assembly Speaker Anthony Rendon announced additions to the Governor’s proposed immediate budget action in the 2021-22 state budget. The agreement includes $9.6 billion in immediate relief for individuals, families, and small businesses most impacted by the COVID-19 pandemic.
The immediate relief package includes two bills co-authored by Senator Cortese: SB 87 (Caballero) and AB 80 (Burke). Both bills were heard in the Budget and Fiscal Review Committee on Thursday February 18th (**where SB 87 was heard as an informational item only) and will be heard by the full State Legislature on Monday February 22nd.
“Our workers and small business form the backbone of our state’s economy. With so many small businesses struggling to make ends meet, we must do everything we can to get them the help they need as soon as possible so that they can keep their businesses operating and their workers paid,” said Senator Dave Cortese (D-San Jose) who serves on the Senate Budget and Fiscal Review Committee and is Chair of the Senate Labor Committee.
SB 87 will build on the $500 million California Small Business COVID-19 Relief Grant program that began in December 2020 by providing an additional $2.1 billion in grants of up to $25,000 for small business and non-profits impacted by the pandemic, with $50 million being set aside for grants to cultural institutions.
Senator Cortese worked to develop the Silicon Valley Small Business Development Center (SBDC) that has been assisting hundreds of businesses access the resources available to them during COVID-19, including Federal Economic Injury and Payroll Protection funding. Californian hard-hit small businesses have received more than 750,000 Paycheck Protection Program (PPP) loans to keep their workforce employed since the beginning of the pandemic.
AB 80, the Paycheck Protection Program Partial Conformity Act, will provide $2 billion in tax cuts to small businesses by enabling them to deduct up to $150,000 in business expenses paid for with federal PPP or Economic Injury Disaster Loan Funds.
The full relief package includes a total distribution of 5.7 million payments to Californians, with those making $30,000 or less as well as those who weren’t eligible for previous federal stimulus dollars being prioritized.
For more information, contact Tara Sreekrishnan, Office of Senator Dave Cortese at 408 480 7833 or email@example.com.