$6.2 Billion Cal Fund Will Shield Small Businesses from COVID-Related Taxes
By Bo Tefu | California Black Media
Published May 6, 2021
(Courtesy Photo)
California lawmakers have approved Assembly Bill (AB) 80 legislation spearheaded by Assemblymember Autumn Burke (D-Inglewood). The legislation will give a $6.2 billion tax cut to small businesses across the state that received loans under the federal government’s Paycheck Protection Program (PPP).
California lawmakers approved the bill, they say, to safeguard the financial future of small businesses as a supplement to the American Families Plan proposed by President Joe Biden in March this year. AB 80, signed by Gov. Gavin Newsom protects small businesses that received PPP loans from the federal government by ensuring that the loans will not count as taxable income. Expenses covered by the federal funds are also tax deductible under this legislation.
Can You Handle The Truth?: Fact-Checking Claims By Recall Election Candidate John Cox And Gov. Gavin Newsom Listen Update RequiredTo play audio, update browser or Flash plugin.
John Cox, Republican gubernatorial candidate in California, launched his official campaign bus tour for the upcoming recall election as an actor bear named Tag walked around behind him at Miller Regional Park in Sacramento on May 4, 2021.
Kris Hooks / CapRadio
Republican recall election candidate John Cox claimed this week Gov. Gavin Newsom has “just let tens of thousands of inmates out of jail.”
CapRadio’s PolitiFact California reporter Chris Nichols spoke with anchor Randol White about that and other claims in this week’s Can You Handle The Truth segment.
California lawmakers have approved Assembly Bill (AB) 80 legislation spearheaded by Assemblymember Autumn Burke (D-Inglewood). The legislation will give a $6.2 billion tax cut to small businesses across the state that received loans under the federal government’s Paycheck Protection Program (PPP).
California lawmakers approved the bill, they say, to safeguard the financial future of small businesses as a supplement to the American Families Plan proposed by President Joe Biden in March this year. AB 80, signed by Gov. Gavin Newsom protects small businesses that received PPP loans from the federal government by ensuring that the loans will not count as taxable income. Expenses covered by the federal funds are also tax-deductible under this legislation.
Five Points On The Recall Effort Dogging Gov. Gavin Newsom In California Gov. Gavin Newsom (TPM Illustration/Getty Images) May 3, 2021 3:56 p.m.
California Gov. Gavin Newsom (D) is staring down a recall effort that will likely lead to an election for his political survival sometime before the end of the year.
Organizers have collected over 1.6 million verified signatures to get the recall on the ballot, surpassing the roughly 1.5 million they needed. There are still months of procedural hoops to jump through, but it seems certain that this effort won’t die on the vine like its predecessors.
Here’s a quick and dirty guide to how Newsom landed himself in such hot water.
Four-hundred million dollars.
That s one estimate for how much the election to recall Gov. Gavin Newsom could cost taxpayers this fall.
Could the hefty price tag become the focus of voter backlash against the Republican-led effort to oust the Democratic governor just a year before he would otherwise face re-election? I d say that framing it as a waste of money and waste of time probably is going to be pretty effective with swing voters who aren t sure what they re going to do about the recall, said Darry Sragow, a longtime Democratic strategist in the Golden State.
While California s finance department won t have an official cost estimate for the election until this summer, the California Association of Clerks and Election Officials â the county officials who run the election â says they expect extra COVID-related precautions will push the costs of a special statewide election to roughly $400 million.