The Alhambra Chamber of Commerce voted to support state legislation that creates the California Emergency Relief Fund to provide emergency resources and financial relief to businesses that experienced hardship during the pandemic.
The bill was approved into law on February 8, 2022, and will provide over $150 million in funds to the California Emergency Relief Fund and the Office of Small Business Advocate. The law also determines that the following financial aids given to businesses shall not count as income for tax purposes:
CAPP funds - which are funds utility companies received to offset their customers' unpaid bills between January 1, 2021, and January 1, 2026.
Credits received for the production of a qualified motion picture between January 1, 2020, and before January 1, 2022.
Restaurant revitalization grants received on or after January 1, 2020.
Federal shuttered venue operator grants received on or after January 1, 2019.
This law also reinstates the net operating loss deduction above $5 million on or after January 1, 2022.
Businesses can access these funds by visiting:
California Dream Fund Program