On Tuesday, Jan. 5, California Gov. Gavin Newsom announced a preview for his $4.5 billion Equitable Recovery for California’s Businesses and Jobs plan, that would allocate more than $1 billion for small businesses struggling from the COVID-19 pandemic.

“We’re putting out today … $4.5 billion of business support. We have immediate relief we’re proposing for small businesses as well as a broader initiative for small business retention and advancing our entrepreneurial strategy,” Newsom said. “We’re putting out almost $1.1 billion for our small businesses.”

Newsom said small businesses will be able to receive $5,000 to $25,000 grants through avenues available within the Equitable Recovery for California’s Businesses and Jobs plan, that will be introduced later this week. 
Tuesday’s announcement, made on the governor’s Facebook page, included a brief breakdown of all the major sectors included in his $4.5 billion Equitable Recovery plan.

The plan includes $1 billion in small business grants and $700 million dedicated to the California job’s initiative and workforce development. Newsom’s multi-billion dollar proposal also allocates $500 million to long-term housing developments, and a $1.5 billion investment to accelerate California’s goal to becoming a zero-emission vehicle state by 2035.

“California’s economy is known the world over for our innovation, inclusion and resilience. That spirit will carry us through this pandemic and beyond,” Newsom said. “These budget proposals reflect our commitment to an equitable, broad-based recovery that ensures California remains the best place to start and grow a business — and where all Californians have an opportunity to reach their dreams. I look forward to continuing to partner with the Legislature to advance these priorities so our economy can emerge stronger, fairer and more prosperous than before.”

To begin his address, Newsom spoke about his experience as a small business owner and how he can sympathize with those struggling with the pandemic. To end his speech, Newsom said small businesses were the backbone of our economy.

“I want people to know that this $4.5 billion package is not all we will be doing for small businesses, but it is a significant investment and we’re looking forward in this new budget,” Newsom said.

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