Gov. Gavin Newsom on April 29 signed legislation that will provide a $6.2 billion tax cut to businesses that received a Paycheck Protection Program loan to pay for employee salaries, group health care benefits, other debt obligations and worker-protection costs related to COVID-19.
The $1.9 trillion COVID-19 relief bill signed March 11 by President Joe Biden provides billions of dollars in relief for individuals, families and small businesses through forgivable low-interest loans, tax credits, emergency grants, extended unemployment benefits and other assistance.
A new state tax credit plus $500 million in COVID-19 Relief Grants are among the new financial stimulus programs available to eligible small businesses in California that have been impacted by the coronavirus pandemic.
Two bills that will assist dental practice owners impacted by the pandemic became law last week with Gov. Gavin Newsom’s signature. One new law will protect PPP loan recipients from having to pay potentially thousands in unexpected state income tax on their forgiven PPP loans.
With top Democratic lawmakers and White House officials struggling to reach a compromise on another round of broad coronavirus relief, the White House Saturday issued four presidential memos, or measures, aimed at mitigating the impacts of the pandemic by addressing jobless benefits, evictions, student loans and payroll taxes.