A coalition of more than 40 business organizations led by the California Chamber of Commerce have announced their support for SB 74 (Borgeas; R-Fresno), which establishes a $2.6 billion grant program that offers small businesses a lifeline while they struggle to survive pandemic-induced shutdowns and regulations.
CalChamber and the coalition members are supporting the measure due to the catastrophic impact that COVID-19 policies are having on the state. California is currently experiencing high rates of unemployment and small businesses in the state have been devastated by shutdowns. SB 74, in conjunction with the Small Business Grants Program Budget proposal and federal aid programs, would assist affected businesses by providing them with a financial bridge until they can fully recover.
Specifically, SB 74 would appropriate $2.6 billion to the Office of Small Business Advocate to award grants to small businesses and non-profits that have experienced economic hardship resulting from COVID-19. The grant money could be applied toward costs of payroll, rent, health care benefits, sick leave, medical, or family leave, reopening, operations, insurance and COVID-19 compliance.
SB 74 would award to employers grants ranging from $5,000 to $60,000 depending upon certain defined revenue levels. Priority would be given to certain qualified applicants depending upon geographic impacts of COVID-19, total financial impact caused by COVID-19, in addition to specified workforce and ownership sectors.
The California Chamber of Commerce (CalChamber) is the largest broad-based business advocate to government in California. Membership represents one-quarter of the private sector jobs in California and includes firms of all sizes and companies from every industry within the state. Leveraging our front-line knowledge of laws and regulations, we provide products and services to help businesses comply with both federal and state law. CalChamber, a not-for-profit organization with roots dating to 1890, promotes international trade and investment in order to stimulate California’s economy and create jobs. Please visit our website at www.calchamber.com