Majority Leader Hertzberg Joins Governor Newsom at Bill Signing to Provide Financial Relief for Small Businesses
SAN FERNANDO – Governor Newsom, joined alongside Senate Majority Leader Hertzberg, has signed AB 80 into law. California businesses that took part in the federal Paycheck Protection Program (PPP) should soon receive some welcome tax relief. As a longtime steward of economic development in the Golden State, Senate Majority Leader Bob Hertzberg (D-Van Nuys) has provided the following statement:
“This has just been a horrible year for most small businesses,” says Senator Hertzberg. “Here in our own San Fernando Valley and across the state, small business is, in many ways, the soul of this state. It represents the hopes and dreams and sweat and toil that forms the foundation of our California Dream. Today, with this new law, passed on a bi-partisan basis, we are taking another step closer to repairing some of the damages caused by this overwhelming global pandemic.”
With this new law, California businesses can avoid paying state taxes on already forgiven PPP loans, and will be able to deduct expenses that were paid with funds received from the Paycheck Protection Program.
Media Contact: Cindy Baker
Senator Robert M. Hertzberg
Capitol Building, Room 313