Gov. Newsom signs $6.2 billion tax cut bill for small businesses

FRESNO, Calif. (KFSN) -- Gov. Gavin Newsom signed a bill on Thursday giving small businesses hard hit by the pandemic a $6.2 billion tax cut over the next six years.

He signed into law while visiting Los Angeles County.
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It's a move to help get small businesses across the state back on their feet and work toward economic recovery across California.

RELATED: California Dreaming: Golden State's economy expected to recover faster than the US post-pandemic


The PPP loans that businesses received from the federal government during the pandemic will not be counted as taxable income under the new legislation.
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These businesses can also deduct the cost of expenses that those loans funded.

After signing the bill, Newsom then visited shops in Southern California with actor and restaurateur Danny Trejo.