For the legislative and political week August 2-6
Welcome to the August 2-6 edition of the NFIB California Main Street Minute from your NFIB small-business-advocacy team in Sacramento.
- As promised, briefer Main Street Minutes while the California Legislature is in summer recess. Lawmakers return on August 16.
- NFIB California has just produced another podcast. Check out chief legislative advocate Kevin Pedrotti’s interview with Assembly Member Suzette Martinez Valladares.
- Mask Up, Again—Perhaps the biggest news of last week came from the California Department of Public Health. “In response to the spike in COVID-19 cases and hospitalizations, and new CDC guidance calling for masking measures to prevent the spread of the highly transmissible and deadly Delta variant, the California Department of Public Health (CDPH) updated its Guidance for Face Coverings, recommending mask use for indoor public settings, regardless of vaccination status.” Read the entire CDPH news release here.
- In the media, NFIB California member Jim Mayfield is quoted by CalMatters for a story about the new challenges facing small-business owners. “Applicants for positions on the business team are increasingly requesting the option to work from home. Retention is difficult as well. ‘Maybe they’re putting their own individual needs and fears in front of the job, which I can’t blame them for,’ said Mayfield, who is rewriting job descriptions to make them more appealing to prospective employees.”
- From the SBA—”The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
- “’The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,’ said Administrator Isabel Casillas Guzman. ‘The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.
- “This new change will help rush relief to over 6.5 million smallest of small businesses which has been the Administrator’s priority since day one. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021.”Read the full SBA news release here.
- On July 29, NFIB supported H.R. 3725, the Relief and Equity for Small Businesses through Tax (REST) Act, which would increase the Small Business Deduction from 20% to 25% for businesses with taxable income up to $100,000, adjusted for inflation. Increasing the value of the deduction for the smallest business owners will provide additional tax savings that can be invested in their businesses and employees.
- On July 28, NFIB signed onto a coalition letter in opposition to a Treasury Department proposal that would require financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts, as well as transfers between accounts of the same owner. Read here.
- Also on July 28, NFIB hosted a webinar titled, “Employee Retention Credit (ERC) Small Business Workshop with Matt Evans, Score Mentor, Beth Milito, and Holly Wade.” You can watch it here.
Next Main Street Minute August 9.