Senator Borgeas Introduces Bill Making COVID-19 Relief Tax-Free ...Middle East

Sacramento, CA…Senator Andreas Borgeas (R-Fresno) introduced Senate Bill 265 to give small businesses and nonprofits relief from any tax liability they may incur associated with pandemic related state and federal grants or loans. Currently, grants provided by Governor Newsom’s Small Business COVID-19 Relief Grant program are considered taxable income. Assembly Bill 1577 (2020), signed by Governor Newsom in September, brought state tax law, related to COVID-19 relief funds, into conformity with federal tax law. However, recent legislation passed by the federal government has affected tax provisions related to Paycheck Protection Program (PPP) loans requiring legislative action to bring stat

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