SACRAMENTO, Calif. — Gov. Gavin Newsom signed legislation Wednesday aimed at helping small businesses impacted by the COVID-19 pandemic.
In a news conference the governor held with state Sen. Anna Caballero, the two touted the pair of bills, one from each body of California’s state legislature, as crucial for the state’s slow-moving economic recovery from the financial depths of the coronavirus shutdown.
Senate Bill 1447 created the Main Street Hiring Tax Credit, which offers tax credits up to $100,000 for small businesses that hire new workers. Meanwhile, Assembly Bill 1577 will ensure that forgiven business loans that are part of the federal CARES Act will be excluded from state income tax.