With over $580M in new funding, the budget confirms GO-Biz as a central player in supporting industries and businesses across the state, including $250M for COVID paid sick leave relief grants, $120M for CalCompetes grants, $75M for small business drought relief, and $30M for ports improvements.
CVV News-Posted: July 1, 2022
Yesterday, Governor Gavin Newsom signed a $308 billion state budget that provides direct tax refunds for 23 million Californians to help address rising costs, tackles the state’s most pressing needs, builds our reserves, and invests in California’s future.
“In the face of new challenges and uncertainties, we’re providing over $17 billion in relief to help families make ends meet, and doubling down on our investments to keep building the California Dream on a strong fiscal foundation,” said Governor Newsom. “This budget invests in our core values at a pivotal moment, safeguarding women’s right to choose, expanding health care access to all and supporting the most vulnerable among us while shoring up our future with funds to combat the climate crisis, bolster our energy grid, transform our schools and protect communities. Building a better future for all, we’ll continue to model what progressive and responsible governance can look like, the California way.”
Amid record rates of inflation and economic uncertainty on the horizon, the budget continues to build resiliency with $37.2 billion in budgetary reserves and 93 percent of the discretionary surplus allocated for one-time projects.
The 2022 Budget Act provides GO-Biz with more than $700M in total funding to support a wide range of businesses and promote statewide economic development. This includes more than $580M in new investments:
- $250M for COVID paid sick leave relief grants
- $120M for CalCompetes grants
- $75M for small business drought relief
- $30M for ports improvements
- $25M for employment social enterprises
- $25M for climate resilience financing
- $20M for inclusive innovation hubs
- $15M for tourism recovery
- $11.6M for immigrant integration
- $8M for women’s business centers
- $1.2M for regional recovery