Help for Local Small Businesses
I have some good news to share. In the Assembly, I have pushed for legislation to provide tax relief to California businesses and non-profits. This bill - AB 80 - has been signed into law and will ensure that forgiven Paycheck Protection Program (PPP) loans are not taxed and that related business expenses are deductible.
If your small business enrolled in the PPP in 2020 and the loans were forgiven, you may have incurred a tax liability in connection with the wages, rents, and utility expenses that were paid for with those funds. If you have already filed your 2020 tax return, you may want to speak with a tax advisor to receive these benefits. For more information, please visit www.ftb.ca.gov.
Additionally, the Office of the Small Business Advocate has announced a final application round for the COVID-19 Grant Relief Program; it will last from April 28 through May 4. If your business or non-profit was affected by the covid-19 pandemic, you may be eligible for up to a $25,000 grant. For more information on grant requirements and eligibility, visit careliefgrant.com.
My office is always available to answer any questions related to the Grant Relief Program or any other state resources.