California Agreement Covid Relief

The governor and legislative leaders have agreed on a package which includes the following:
1. $600 in one-time relief to households receiving the California EITC for 2020
2. a four-fold increase – from $500 million to more than $2 billion – for grants up to $25,000 for small businesses impacted by the pandemic, and also allocates $50 million for cultural institutions.
3. The agreement also partially conforms California tax law to new federal tax treatment for loans provided through the Paycheck Protection Plan, allowing companies to deduct up to $150,000 in expenses covered by the PPP loan.
#PPPConformity #CATaxes

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