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.
The 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.
Staff Contact: Preston Young