California COVID-19 News (May 3, 2021)

Office of the Governor

• Governor Newsom Signs Bill Giving Small Business a $6.2 Billion Tax Cut (4/29/2021)
  • Governor Newsom signed Assembly Bill No. 80, which excludes loans to businesses under the Federal Paycheck Protection Program from being counted as taxable income. AB 80 also largely conforms the state’s tax treatment of expenses paid with forgiven PPP loans with the Federal tax treatment, but subject to two exceptions. Publicly traded companies and entities that did not experience a 25% or greater reduction in gross receipts in a calendar quarter in 2020 over the same quarter in 2019 are generally ineligible for the AB 80 approved state tax treatment of PPP business loans. The total state tax relief granted under AB 80 is estimated to be $6.2 billion. 
• California Sends India COVID-19 Supplies to Combat Outbreak (4/26/2021)
  • California is sending the following supplies to India to combat the COVID-19 outbreak:
    • 275 oxygen concentrators
    • 440 oxygen cylinders
    • 240 oxygen regulators
    • 210 pulse oximeters
    • One deployable oxygen concentrator system