Newsom proposes $1.5 billion in new small business COVID-19 grants

Newsom proposes $1.5 billion in new small business COVID-19 grants

5/13/2021 7:48:00 PM

Newsom proposes $1.5 billion in new small business COVID-19 grants

The additional funds from federal COVID-19 aid to the state would bring the amount allocated in recent months for grants to $4 billion, which Newsom told business leaders would make it the largest state program of its kind in the country.

Even with the new additional funds, it is unlikely that the grant money will be sufficient to help all of the number of California businesses suffering financially because of the pandemic, which led state officials in March to ask many of them to close or scale back operations to reduce the spread of the virus.

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AdvertisementWhen the grant program was started earlier this year, 350,000 small businesses filed applications, seeking more than $4.5 billion in assistance, officials said.Still, business groups said additional financial help was essential even as the state is expected to emerge from most COVID-19 restrictions on June 15.

“This is welcome news for mom-and-pop owners in the state who have been hanging on for dear life this past year,” said John Kabateck, California state director of the National Federation of Independent Business. “They don’t need more debt — they need resources that will get their lights back on, people back to work and communities growing once again.” headtopics.com

The new funding proposal comes during a week in which state officials said the state budget surplus has ballooned to a staggering $75.7 billion, allowing the governor to propose large amounts of additional financial resources for schools and homeless housing, and to provide $600 tax rebates to California taxpayers who make up to $75,000 annually. The state also is receiving $26 billion in federal COVID-19 relief aid, the governor noted.

The announcements also were made as Newsom faces a recall election in which several candidates wanting his job have accused him of mishandling the pandemic by shutting down businesses for too long.In January, Newsom launchedthe grant programwith an executive order that provided $500 million for 21,000 small businesses.

In February, the Legislature and governor approved another $2.1 billion in grants from $5,000 to $25,000 under a program administered by California’s Office of the Small Business Advocate.So far, some 198,000 small businesses and nonprofits have been or will be awarded grants during the first two rounds of the program. State officials estimate that approximately 180,000 applications will remain unfunded under the money already approved.

AdvertisementThe officialss cited a survey by the advocacy group Small Business Majority that found 35% of small businesses were three months from closing if they did not get additional financial help.Firms with an annual gross revenue of up to $2.5 million are eligible to apply for the grants. With demand outpacing available funds, applications are ranked and judged on criteria including whether the business is in an industry sector deemed most affected by the pandemic. headtopics.com

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The state will also work to ensure that grants are distributed throughout the California with a focus on assistance for businesses run by people of color .Businesses notified that they have been awarded a grant still must go through a process to verify their eligibility and checks should be issued within 45 days, state officials said.

AdvertisementChamber President Allan Zaremberg urged the state Legislature to approve the governor’s $1.5-billion proposal. Read more: Los Angeles Times »

Gavin Newsom holds onto his job as California governor, CNN projects

California's Democratic Gov. Gavin Newsom has defeated the effort to remove him from office, according to a projection from the CNN Decision Desk, capping off a recall effort that was born in partisan anger over his pandemic response but ended with a vote of confidence in his strategy to combat it.

Throwing money and promising to transform schools, fix the homeless crisis, housing crisis, water crisis, fire crisis, power crisis, EDD crisis, business crisis.. CA is 5th largest economy in the world! Who has been in charge/leading California into a total state of CRISIS?🤔🤣 Paid for by raising taxes on all small business owners.

Is someone being recalled?

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