Struggling small businesses are getting a helping hand from the state and the efforts are much-needed. Taking a page out of the Republican playbook, the legislature has adopted tax conformity language for small businesses from Senate Bill 265 by Senator Andreas Borgeas (R-Fresno).
The California State Legislature passed Assembly Bill 80 to help struggling employers who received the Paycheck Protection Program (PPP) loans and can prove they incurred a 25% loss in business during the pandemic. For the past two months, Senator Borgeas led the efforts with Senate Bill 265 as the best measure to save struggling California businesses and protect jobs. Senate Bill 265 would have provided full federal conformity for all businesses that received the PPP loans.
“Frustrated small businesses have been waiting months for a solution. I applaud Senator Borgeas for bringing this idea to the table and for the legislature for getting behind this bipartisan effort to help our struggling job creators,” said Wilk. “What we passed today provides a solution for many small businesses who are struggling to get back on their feet. As I’ve said in the past, a win for bipartisanship is a win for our small business community because good ideas shouldn’t have party lines.”