May 05, 2021
Governor Gavin Newsom signed a bill that will give small businesses a $6.2 billion tax cut over the next six years. Under the legislation, AB 80 by Assemblymember Autumn Burke (D-Inglewood), the forgiven PPP loans that businesses received from the federal government during the pandemic will not be counted as taxable income. These businesses can also deduct the costs of expenses that the loans paid for.
