Senator Dave Min (D-Irvine) today unveiled the details of his Senate Bill (SB) 408, which provides additional relief for small businesses in the dining and hospitality industries that have been negatively impacted by the COVID-19 driven economic downturn.
New reports indicate the economic rebound boosting the profits of Wall Street is leaving small businesses behind.
“I’ve authored this tax credit because too many of California’s small, family-owned restaurants and hospitality firms have been hammered by this pandemic, and they need help getting through the next few months until we get back to economic normalcy,” Min said.
“While the federal government and my colleagues in the state legislature have done a good job of directing stimulus funds to these small businesses, there is still a lot of work to do. The restaurant and hospitality industries in California represent millions of jobs — we can’t forget about this critical sector of our economy.”
SB 408 creates a $10,000 tax credit for restaurants and hotels with $5 million or less in gross receipts who had to close for 30 consecutive days due to COVID.
During his first year, Min has made small business recovery one of his main priorities. Min was the joint co author of SB 87, which greatly expanded the Governor’s Small Business COVID-19 Relief Grant Program, and a co author of AB 80, which deducted Paycheck Protection Program loans from CA taxes. In addition, Min has hosted a town hall on small business issues, and virtually met with eight local chambers of commerce.
SB 408 is scheduled to be heard in the Senate Governance and Finance Committee on Thursday.