New Law Allows PPP and EIDL Exclusion from Taxes
Governor Newsom Signs AB 80 – A Win for Small Businesses
L.A. Area Chamber President and CEO Maria S. Salinas joined Governor Newsom and other elected officials as he signed AB 80 (Burke) into law. It was approved by Governor of California, and filed with Secretary of State, on April 29, 2021. AB 80 allows businesses who received relief through a Paycheck Protection Program (PPP) or Economic Injury Disaster Loan to have that funding excluded from their taxable income and to allow deductions for expenses. PPP loans were a salvation to businesses during the height of COVID-19, and this bill ensures that the small business community isn’t overly burdened by taxes they may not even be aware of as they recover from the pandemic.
The L.A. Chamber fiercely advocates for small businesses and this legislation represents a big win for them. The Chamber worked with legislators and the Governor’s office for the passage of AB 80, beginning with our advocacy agenda for our Access Sacramento event. We applaud the legislature and the Governor’s swift action in adopting AB 80, just in time for this tax season.
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