CA Rebuilding Fund Launches Today | Federal Appropriations Update

“Fight for the things that you care about, but do it in a way that will lead others to join you.” – Supreme Court Justice Ruth Bader-Ginsburg.

In this Must Know…

Governor Gavin Newsom announced the launch of the California Rebuilding Fund, a new loan program built to support California’s small businesses as they adapt and navigate the effects of COVID-19. The Fund is a partnership between public and private sector entities to provide California small businesses—particularly businesses in underbanked areas—with access to responsible, affordable capital to survive and rebuild from this crisis.

The California Rebuilding Fund, which includes an anchor commitment from the IBank, will offer loans that are flexible, transparent and designed to help sustain small businesses through these challenging economic times.

The funds are being deployed by participating community lenders, and businesses with up to 50 full-time employees and gross revenues of less than $2.5 million in 2019 may be eligible to apply.

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This week, Congress moved ahead on an omnibus appropriations bill to fund the government for the rest of the fiscal year after the current Continuing Resolution expires on December 11.

Appropriators from the House and Senate will meet to negotiate the funding bills for FY2021. Check out their small business funding proposals in conjunction with CAMEO’s requests.

Last week, the Supreme Court began hearing arguments for California v. Texas on the fate of the Affordable Care Act. Studies have found that small businesses and their employees are major beneficiaries of the law. 

Comments made by several Justices during the hearings indicate that the ACA might not be struck down, even if the individual mandate is eventually severed. A final ruling is expected in June of 2021, but you can learn more about the case and its implications for small business in our latest CAMEO Blog.