Governor Gavin Newsom has signed a $6.2 billion tax relief bill for California’s small businesses.
The bill makes the federal Paycheck Protection Program loans given out to help businesses weather the COVID-19 pandemic tax free in California.
“We’re providing loans, in addition to grants,” said Newsom. “We’re waiving fees. We’re conforming with federal tax laws, creating tax opportunities to the tune of $6.2 billion, and I can assure you, we’re just getting going.”
He signed the bill Thursday inside a San Fernando Valley sushi shop called Hanzo owned by Cesar Garcia.
“It’s been a very difficult time, very hard time, but thanks to the PPP loans we’ve been able to keep our doors open,” Garcia said.
Newsom said California’s job numbers are reflecting how well the state is doing. He added that in the last two months alone, 276,000 jobs have come out of California.
“The state is roaring back,” Newsom said.
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