California Enacts Economic Relief in Early Budget Action
As part of the “early action” budget items, Senate Bill 113 (Budget and Fiscal Review Committee) was amended on February 2, passed the Legislature on February 7, and signed into law by Governor Gavin Newsom on February 9 as Chapter 3. SB 113 enacted economic relief for businesses and individuals in this state. There are several retroactive tax law changes contained in this bill.
Section 1 of the bill adds Government Code Section 8654.2 to create the California Emergency Relief Fund as a special fund in the State Treasury. The purpose of this fund is to provide emergency resources or relief relating to state of emergency declarations by the Governor.
First, $150 million in General Fund money is transferred to the California Emergency Relief Fund for purposes relating to the COVID-19 emergency proclaimed by the Governor on March 4, 2020.
Second, that $150 million is appropriated to the Office of Small Business Advocate within the…
