Gov. Gavin Newsom signed a series of budget bills that will send out hundreds of millions of dollars to struggling small businesses with financially strapped Californians.
The measures are part of a wider economic recovery plan laid out in this year’s $262 billion budget, according to the Los Angeles Times.
One bill added $1.5 billion to a pool of money for small businesses with annual gross revenues up to $2.5 million. The additional funds bring the total pool of money up to $4 billion.
Small businesses are eligible for grants up to $25,000 and about 200,000 businesses statewide have received grants so far through the program.
California lawmakers have prepared several other measures designed to help small businesses. The state Legislature is also expected to approve a $35 million program called the Dream Fund that would provide up to $10,000 grants for the creation of new businesses.
Another bill in the works would create $150 million in grants for event businesses, including theaters. It would also create another $120 million grant program for businesses that create 500 new jobs or that locate in or invest $10 million into economically struggling areas.
The bill that will have the biggest impact statewide is another round of $600 payments to taxpayers who earn up to $75,000 a year.
Other measures are expected to be hammered out this week, including one that would provide savings accounts for children — $500 each — of low-income families, according to the Times.
[LAT] — Dennis Lynch
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