State Assistance to Businesses in Response to COVID-19

Jan 4, 2024 - Second, as described below, there has been other research documenting racial disparities in PPP loans among business owners, particularly that Black business owners received fewer PPP loans compared to white businesses owners.
https://lao.ca.gov/Publications/Report/4824

The 2022-23 California Spending Plan: Other Provisions

Sep 27, 2022 - Chapter  39 of 2020 (AB  1577, Burke) and Chapter  17 of 2021 (AB  80, Burke) partially conformed state tax laws to the federal treatment of forgiven Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loan advance grants.
https://lao.ca.gov/Publications/Report/4626

The 2022-23 Budget: Federal Tax Conformity for Federal Business Assistance

Jan 26, 2022 - In California, nearly 700,000 businesses received $35.9 billion in PPP loans. As of January 9, 2022, about 85 percent of the PPP loans nationwide have been forgiven. Restaurant Revitalization Fund (RRF).
https://lao.ca.gov/Publications/Report/4501

Federal Assistance for Businesses Affected by COVID-19

Apr 3, 2020 - The maximum first draw PPP loan is $10  million and the maximum second draw PPP loan is $2  million. CARES Act Funding for PPP Quickly Exhausted. PPP loans are made on a first-come, first-served basis.
https://lao.ca.gov/Publications/Report/4215