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Small Business Priority is Now Law Thanks to AB 80

Small Business Priority is Now Law Thanks to AB 80

Conforming state’s tax code to federal government’s on PPP loans a huge financial benefit


SACRAMENTO, Calif., April 29, 2021—One of small businesses’ highest priorities is now law, after Gov. Gavin Newsom signed Assembly Bill 80.

According to legislative analysis of the bill, it “Conforms, with certain modifications, state law to federal law with respect to the tax treatment of Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loan (EIDL) advance grants under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriations Act of 2021.” Read the full analysis here. Click the top link.

“This law gives small-business owners more clarity, certainty, and security as Main Street begins to thaw from the COVID-19 freeze this past year,” said John Kabateck, California state director for the National Federation of Independent Business (NFIB), the state’s largest small-business association. “We thank Governor Newsom for his support and approval of it. The law is especially timely as small employers are now huddling with their CPA's assessing their taxes. This tax relief could not have come a moment too soon. It, combined with the looming June 15 general reopening, will help to ensure California’s mom-and-pop enterprises are getting back on their feet, men and women are returning to work, and our communities and public services are thriving once again.”

AB 80 passed the State Assembly on a 75-0 vote and the State Senate, 37-0.

Keep up with the latest on California small-business news at www.nfib.com/california, where this release can also be read, or by following NFIB on Twitter @NFIB_CA or on Facebook @NFIB.CA.

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Sacramento, CA 95814
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www.nfib.com/CA
Twitter: @NFIB_CA
Facebook: @NFIB.CA

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Source : NFIB Press Release

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