SACRAMENTO — Gov. Gavin Newsom said he would seek to create a multibillion-dollar economic aid and recovery package for California businesses struggling through the coronavirus pandemic. The plan, part of a state budget proposal that Newsom will formally unveil later this week, would include more than $4 billion in grants for small businesses, corporate tax credits, funding to expand housing and green infrastructure, and fee waivers for industries that have been hit particularly hard by lockdown measures. "California's economy is known the world over for our innovation, inclusion and resilience. That spirit will carry us through this pandemic and beyond," Newsom said in a statement Tuesday. "These budget proposals reflect our commitment to an equitable, broad-based recovery that ensures California remains the best place to start and grow a business — and where all Californians have an opportunity to reach their dreams." A quicker economic rebound than anticipated has eased California's budget woes, bringing the state a one-time windfall that legislative analysts estimate could grow to about $26 billion by the next fiscal year. That will provide Newsom and policymakers with more resources to chart an economic recovery for the state, which has been battered by the pandemic, though analysts… Read full this story
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