California Businesses to Get COVID-19 Tax Cuts

Gov. Gavin Newsom signed a trio of laws on Wednesday intended to bolster struggling small businesses in California and encourage their owners to hire more workers, each of which received bipartisan support but only light scrutiny by the Legislature before its adjournment last week.

The governor, who used a delicatessen in Sacramento as the backdrop for a bill-signing ceremony, touted the three laws as important help for businesses that are “the lifeblood of California and its economy.”

“Small businesses are feeling vulnerable to the pressures of this pandemic — so much so that they believe they are likely to close in the not too distant future, ” Newsom said, citing a survey that he said found 44% of businesses were considering closure. “That is a jaw-dropping percentage of small businesses that are looking at the prospect of a financial cliff.” …

Click here to read the full article from the L.A. Times.

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