Newsom Meets With San Fernando Small Business Owners, Signs $6.2B Tax Relief Measure
SAN FERNANDO (CBSLA) — Gov. Gavin Newsom Thursday met with San Fernando business owners who have been hit hard through the COVID-19 pandemic before signing legislation that will provide $6.2 bill in tax cuts for small businesses over the next six years.
Newsom visited multiple small businesses before ending up at a sushi restaurant in the city of San Fernando where he spoke about the tax relief plan.
Under the legislation, AB 80, forgiven Paycheck Protection Program loans received by businesses from the federal government will not be considered taxable income. Businesses will also be able to deduct the expenses the loans were used for.
“Help is on the way in the form of a $6.2 billion tax cut, which will provide support, not to large publicly traded companies, but to the mom-and-pop businesses — the beauty salons, restaurants and dental offices — which have been resilient during this difficult time,” Newsom said. “This small business tax relief is exactly what is needed to keep businesses open so they can continue paying their employees.”
Newsom was joined by other local elected and community officials, including actor and business owner Danny Trejo and state Senate Majority Leader Bob Hertzberg, D-Van Nuys.