California Gov. Gavin Newsom announced an expansion to the state’s COVID-19 Small Business Relief Grant program and more than $6 billion in tax cuts for small businesses Thursday.
The investments, which are part of the governor’s $100 billion California Comeback Plan, will expand the relief grant program to a total of $4 billion, according to a press release from Newsom’s office. Nearly 200,000 businesses have received grants from the program, the press release noted.
“Our small businesses have faced unprecedented challenges over the past year, and we’re stepping up to meet the moment – making historic investments to provide businesses with the support they need and jumpstarting California’s economic recovery,” Newsom said in the press release.
Nearly 90% of the first and second round of relief grants went to businesses owned by women, people of color and veterans, the press release added. The package also includes additional funds to statewide small business financing programs and incentivize businesses to relocate to California.
Over the past week, Newsom also unveiled packages bolstering water infrastructure, addressing homelessness, supporting public schools and providing eligible Californians with direct payments as part of the California Comeback Plan.
“This is money in the pockets of business owners to make payroll and cover the bills as we prepare to fully reopen California’s economy on June 15,” Newsom said in the press release.