{"id":112713,"date":"2021-01-06T13:24:38","date_gmt":"2021-01-06T21:24:38","guid":{"rendered":"http:\/\/69.46.6.243\/?p=112713"},"modified":"2021-01-06T13:33:37","modified_gmt":"2021-01-06T21:33:37","slug":"governor-newsom-to-propose-4-5-billion-for-equitable-recovery-for-californias-businesses-and-jobs-in-2021-budget","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=112713","title":{"rendered":"Governor Newsom to Propose $4.5 Billion for Equitable Recovery for California\u2019s Businesses and Jobs in 2021 Budget"},"content":{"rendered":"

Sacramento, CA… Governor Gavin Newsom today previewed his Equitable Recovery for California\u2019s Businesses and Jobs plan, the business and workforce recovery elements of his 2021-22 State Budget that will help California through the COVID-19 pandemic and advance an equitable, broad-based recovery. <\/span>Watch the Governor provide a brief overview of his Equitable Recovery for California\u2019s Businesses and Jobs plan\u00a0here.<\/a><\/p>\n

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Building on actions the state has taken to support California\u2019s businesses throughout the pandemic, including emergency aid and regulatory relief, these proposals double down on the Newsom Administration\u2019s commitment to rebuilding the economy, with investments across sectors and benefits for businesses of all sizes.<\/span><\/p>\n

Notably, the Budget proposes an immediate action to approve $575 million more for California\u2019s small businesses, the backbone of the state\u2019s economy, as they work to adapt their operations amid the COVID-19 pandemic. This immediate action proposal is on top of the initial $500 million allocated in partnership with the Legislature to the California Small Business COVID-19 Relief Grant, bringing the total for California\u2019s small businesses to more than $1 billion.<\/span><\/p>\n

\u201cCalifornia\u2019s economy is known the world over for our innovation, inclusion and resilience. That spirit will carry us through this pandemic and beyond,\u201d said Governor Newsom. \u201cThese budget proposals reflect our commitment to an equitable, broad-based recovery that ensures California remains the best place to start and grow a business \u2013 and where all Californians have an opportunity to reach their dreams. I look forward to continuing to partner with the Legislature to advance these priorities so our economy can emerge stronger, fairer and more prosperous than before.\u201d<\/span><\/p>\n

The COVID-19 pandemic brought unprecedented challenges to California. However, prudent fiscal management in the past and present has allowed California to provide ongoing support to impacted Californians where they need it most.<\/span><\/p>\n

Building on supports for California businesses before, during and through the pandemic, the Governor today previewed the following budget proposals:<\/span><\/p>\n

Small Business Grants<\/span><\/b><\/p>\n

Prior to the pandemic, small businesses created two-thirds of new jobs and employed nearly half of all private-sector employees. California is home to 4.1 million small businesses that employ nearly half of the state\u2019s total workforce. To help keep these businesses afloat, the Governor is proposing a total of $1.075 billion for the State\u2019s\u00a0<\/span>Small Business COVID-19 Relief Grant Program.<\/span><\/p>\n

To put money into the hands of the most impacted small businesses as quickly as possible, the Governor has proposed immediate legislative action on $575 million in additional grants. The investment will add to the initial $500 million allocation announced in November. The Program offers grants up to $25,000 to micro and small businesses that have been impacted by the pandemic. These grants will be distributed across the state, with priority given to regions and industries impacted by the COVID-19 pandemic, disadvantaged communities and underserved small business groups.<\/span><\/p>\n

The $575 million Early Action Budget proposal includes $25 million for small cultural institutions, such as museums and art galleries, that have been constrained by the pandemic in their ability to educate the community and remain financially viable.<\/span><\/p>\n

California Jobs Initiative<\/span><\/b><\/p>\n

The Budget also proposes sustained investments to preserve California\u2019s competitiveness. The California Jobs Initiative, a $777.5 million proposal, focuses on job creation and retention, regional development, small businesses and climate innovation, including increased funding for:<\/span><\/p>\n