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June 23
1946, 11:20pm: William S. Hart, 81, dies at L.A.'s California Lutheran Hospital, leaving his Newhall estate and his (now West) Hollywood home to the public [story]
Hart dies


| Wednesday, Sep 9, 2020
small businesses
Diners have lunch on the street in Old Pasadena, a pleasant perk from the novel coronavirus as cities block off lanes of traffic to accommodate restaurants and state-mandated outdoor dining. (Courthouse News photo / Bill Girdner).

 

SACRAMENTO — Granting relief to small businesses hit hardest by the pandemic, California Governor Gavin Newsom on Wednesday signed legislation intended to keep Main Street afloat and spur new jobs.

Warning that over 40% of the state’s small businesses are at risk of closing, Newsom approved a law that will allow businesses to claim a $1,000 tax credit for each net increase in full-time employees. The hiring credit will apply to businesses with fewer than 100 employees that have suffered a 50% decrease in gross revenue.

“This is really about the lifeblood of California’s economy, it’s about a sense of pride and spirt that we all have,” said Newsom during a signing ceremony. “This is about the California dream.”

Under Senate Bill 1447, the state will offer up to $100 million in hiring credits, with benefits for individual businesses capped at $100,000. The tax credit is good for qualified hires between July and November and the credit can be applied over the next five years.

Supporters say the bill, hastily proposed during the final week of the legislative session, was drawn up as means to benefit minority and immigrant-owned businesses struggling in rural parts of the state. State Sen. Anna Caballero says SB 1447 will give business owners badly needed resources to rehire staff lost during the pandemic’s early stages.

“This pandemic has really placed an incredible burden on them and their family because their dreams have been delayed,” said Caballero, D-Salinas. “This tax credit is going to be tremendously important.”

The measure passed unanimously on the final day of the session in both the Senate and Assembly, but concerns were raised about its scope.

An Aug. 30 analysis by the Assembly Revenue and Taxation Committee cautions the relief won’t be available to small businesses that have yet to actually start their economic rebound. The committee’s lawyers additionally note the credits are available on a first-come, first-served basis, meaning the most adept businesses could scoop up the relief.

“This bill provides the most generous credit amounts to those businesses that have been able, for whatever reason, to hire back their workforce during the five-month period beginning July 1, 2020,” the analysis states. “Thus, it could be argued that this bill confers the most generous benefits on those businesses that are well on their way to recovery, as opposed to those businesses currently unable to operate at anything comparable to a pre-pandemic normal.”

Newsom also inked legislation that will allow businesses to exclude federal Paycheck Protection Program loans from their gross income tax filings. Both bills go into effect on Jan. 1, 2021.

The bill’s author said the loan forgiveness is necessary to ensure that businesses fortunate enough to receive the federal relief aren’t penalized with new tax liabilities next spring.

“Small businesses need protection — they are taking the brunt of the economic impact created by Covid-19,” said Assemblywoman Autumn Burke, D-Marina del Rey, in a statement. “The federal Paycheck Protection Program was designed to help businesses stay afloat during this crisis and AB 1577 furthers that goal by preventing surprise tax bills and easing administrative burdens for thousands of California’s small businesses.”

— By Nick Cahill, CNS

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SCV NewsBreak
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William S. Hart Park has been a cherished part of the Santa Clarita community for nearly 70 years.
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The Regular Meeting of the Saugus-Castaic School Facilities Financing Authority will be held on Tuesday, June 24, at the Saugus Union School District, 24930 Avenue Stanford, Santa Clarita, CA 91355, at 6:30 p.m. in the Board Room.
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The Santa Clarita City Council will meet in open session on Tuesday, June 24 at City Hall, with the first reading of an ordinance of the Fire Hazard Severity Zone Map of the city of Santa Clarita issued by CalFire.
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A special meeting of the William S. Hart Union High School District’s Governing Board will be held Wednesday, June 25, beginning at 8:30 a.m.
June 25: Hart District Governing Board Special Meeting
The Los Angeles County Board of Supervisors will hear input on a number of topics during a public hearing on Tuesday, June 24, beginning at 9:30 a.m. in Board Hearing Room 381B, Kenneth Hahn Hall of Administration, 500 W. Temple St., Los Angeles, CA 90012.
June 24: L.A. County Supervisors’ Public Hearing
1946, 11:20pm: William S. Hart, 81, dies at L.A.'s California Lutheran Hospital, leaving his Newhall estate and his (now West) Hollywood home to the public [story]
Hart dies
1972 - Vasquez Rocks added to National Register of Historic Places [list]
Vasquez Rocks
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The regular meeting of the Saugus Union School District Governing Board of Trustees will be held Tuesday, June 24 beginning at 6:40 p.m. The board will first meet in closed session at 5:30 p.m.
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1941 - Ernie Hickson buys out Trem Carr's interest in their Monogram movie ranch, renames it "Placeritos" (later called Melody) [story]
Ernie Hickson
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The Castaic Union School District Governing Board will hold its regular meeting Thursday, June 26 at 6 p.m. The board will first meet in closed session at 5 p.m.
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For one weekend only, Matchbox Theatre Co. is bringing its inaugural production of Johnna Adams’ "World Builders" to The MAIN.
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