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Assembly committee advances $100 million recovery fund for small businesses and nonprofits
Summary
The Assembly committee voted to send AB 265 to appropriations after proponents described a $100 million state-run grant program to help small businesses and nonprofits recover from declared states of emergency.
Assemblymember Colosa presented Assembly Bill 265 on behalf of a proposed state recovery program that would establish a $100,000,000 fund administered by the Office of the Small Business Advocate to provide financial assistance to small businesses and nonprofit organizations affected by declared states of emergency.
The bill’s author said California’s more than 4,000,000 small businesses and nonprofits — which the author said employ nearly half the state’s workforce — face gaps in federal disaster assistance, including eligibility and lengthy…
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