Senator Dave Min Joint Authors $2.1 Billion Emergency COVID-19 Small Business Relief Plan
Senator Dave Min Joint Authors $2.1 Billion Emergency COVID-19 Small Business Relief Plan
SB 87 is a key part of the budget agreement reached by Governor and legislative leaders
SACRAMENTO, CA — Senator Dave Min (D-Irvine) and fellow State Senator Anna Caballero (D-Salinas) this week introduced Senate Bill 87 (SB 87), which would provide $2.1 billion in funding to small businesses struggling under the COVID-19 pandemic. SB 87 is part of the broader agreement reached between Governor Gavin Newsom, Senate President pro Tempore Toni Atkins, Assembly Speaker Anthony Rendon and other state legislators to provide much-needed help to individuals, families and businesses suffering the most economic harm during this COVID-19 induced downturn.
“While we can see a return to normalcy just around the corner, there are so many small businesses that are struggling to stay afloat right now,” Min said. “Small businesses will be essential to our economic recovery, and we must do all we can to help our small businesses during this unprecedented, pandemic-driven, economic downturn. I’m hopeful that SB 87, along with the other significant emergency aid in the deal struck by Pro Tem Atkins, Speaker Rendon, and Governor Newsom, will be the lifeline these small businesses need to get through the next few months until our economy fully reopens.”
SB 87 would direct $2.075 billion in additional funding to the Governor’s Office of Business and Economic Development (known as “Go-BIZ”) for its California Small Business COVID-19 Relief Grant Program, which provides grants ranging from $5,000 to $25,000 to small businesses and nonprofits that have been negatively impacted by COVID-19. $50 million of these funds would be specifically set aside for nonprofit cultural institutions. SB 87 would more than quadruple the funds available to Go-BIZ for these small business relief grants.
In addition to being a joint author of SB 87, Sen. Min is also a principal coauthor of Assembly Bill 80 (AB 80), which provides critical tax relief for small businesses receiving COVID-19 related loans from the federal government. AB 80 would enable small businesses to deduct up to $150,000 for federal PPP or economic injury disaster loan funds they receive.
SB 87 and AB 80 are crucial parts of the $9.6 billion COVID-19 package announced by Governor Newsom, President pro tempore Atkins, and Speaker Rendon. This COVID-19 emergency aid also includes $600 in direct payments to 5.7 million Californians with household incomes under $30,000 or who were unfairly excluded from previous federal stimulus payments; it also provides for two years of fee relief for approximately 59,000 restaurants and bars licensed through the state’s Department of Alcoholic Beverage Control, and over 600,000 barbering and cosmetology businesses licensed through the Department of Consumer Affairs.