NFIB California Main Street Minute

Date: June 08, 2020

For the legislative and political week June 8-12

Welcome to the June 8 issue of the NFIB California Main Street Minute from your small-business-advocacy team in Sacramento.

Happening This Week

  • Tomorrow, June 9, NFIB releases its monthly Small Business Economic Trends report, also known as the Optimism Index. Look for a news release on whatever silver lining can be found in it. NFIB’s Jobs Reports and SBET Surveys are some of the most widely covered economic barometers by the media, often making international news as well, because they measure the pulse of Main Street, not Wall Street.
  • Also happening tomorrow, June 9, at 12 noon, NFIB State Director John Kabateck will be debating Assemblymember Lorena Gonzalez, the author of Assembly Bill 5, the new independent contractor law, at the Sacramento Press Club lunch panel. The Facebook Live discussion topic: “What’s the future of AB 5?” Expect Kabateck to talk about the serious burden this restrictive, burdensome law places on both small employers and entrepreneurs trying to survive in this economy, and the need for reforms that help all Main Street businesses. Go to www.sacpressclub.org to check it out.
  • Wednesday, June 10, next NFIB webinar will discuss the dramatic changes in the PPP loan program and talk about other resources available to help small businesses navigate Covid-19. Register now. Register here.
  • NFIB’s webinars have provided thousands of small-business owners across the nation vital and timely information. Take a scroll down webinar lane to listen to all the past ones.

Hot Topics

  • The State Budget. The Senate and Assembly jointly announced they are in general agreement. They will need to reach that agreement with Gov. Gavin Newsom before the fiscal year that starts July 1. Lawmakers are expected to vote on the main budget bill and trailer bills by or before their June 15 budget deadline.
  • In an exclusive conference call for NFIB California members held June 4, Kevin McCarthy, the Republican Leader in the U.S. House of Representatives, provided the latest updates on small-business loans and other important information. The call was arranged by McCarthy’s Bakersfield constituent and NFIB California Leadership Council Chairman Darrell Feil. The day after the call, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law, which McCarthy supported.

Nationally,

  • Last Friday, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law. The law:
    • Lengthens the loan forgiveness period from eight weeks to 24 weeks.
    • Lowers the amount of PPP funds that must be spent on payroll from 75% to 60% and allows 40% for other qualifying expenses.
    • Delays employer payroll tax payments through the end of 2020.
    • Exempts borrowers from the FTE loan forgiveness reduction if borrowers are unable to return to the same level of business activity as before Feb. 15th due to COVID-19.
  • NFIB’s news release on the signing can be read here.
  • NFIB also updated its side-by-side comparison of the two loan programs, the Paycheck Protection Program and the Economic Injury Disaster Loan.

California Main Street Minutes are published every Monday and put on the NFIB California webpage. Two additional updates are published the first and third Wednesday of each month for inclusion in the first and third Thursday newsletters. Next California Main Street Minute is June 15.

Photo courtesy of the California State Assembly website.

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