California Gov. Gavin Newsom will set aside $4 billion “the largest small business grant program in the country,” part of his pandemic recovery spending plan, he announced Thursday morning.
Newsom said the $4 billion infusion will include $1.5 billion in Covid-19 relief grants under his “California Comeback Plan,” allowing the Golden State to come “roaring back.”
“California is enjoying a $75.7 billion operation surplus,” he said during a virtual California Chamber of Commerce breakfast in Sacramento. “It’s never been stated or said by any governor in American history, let alone California,” boasting about the money that will go toward the state’s recovery.
The surplus, along with federal government money, will provide an opportunity to reimagine and reinvigorate the economy and get people back on their feet, he said optimistically.
“It’s the resilience of our small business men and women, those that put everything out on the line, make a go of it, that create jobs and are the real economic engine of the prosperity that we are now enjoying in this state,” Newsom said.
The money will go to current and new small business grant programs, ports, tax credit enhancements, including for the film industry.
“It’s the entrepreneurial spirit that makes this state great,” Newsom said, fondly remembering that his own small business venture led him to politics.
The latest numbers: The state’s low Covid-19 positivity rate and its high vaccination rates are a sign that the state is on its way to a June 15 reopening, the governor said. His weeklong rollout of the spending plan includes monies focused on homelessness, drought response, public education, and stimulus checks for residents.
“We talk about a light at the end of the tunnel, I don’t see light at the end of the tunnel, I see bright light at the end of the tunnel. California is coming roaring back,” he said.
