Bill > AB265

This bill establishes the Small Business and Nonprofit Recovery Fund Act, which creates a grant program to support small businesses and nonprofit organizations impacted by state emergencies. The Office of Small Business Advocate (OSBA) would administer the fund, allocating 90% of appropriated moneys to provide competitive grants ranging from $2,500 to $100,000 to eligible entities directly affected by emergencies like natural disasters or states of emergency. Eligible applicants include small businesses and qualified nonprofit organizations that meet specific criteria, such as being current on taxes, not in bankruptcy, and still operational. Grant funds can be used for recovery and rebuilding efforts, infrastructure improvements, and ensuring business viability, with recipients required to match the grant amount dollar-for-dollar. The remaining 10% of funds would be split equally between the Small Business Technical Assistance Program and the Capital Infusion Program to provide additional support in disaster-affected areas. The bill prioritizes assistance for businesses owned by ethnic minorities, women, and other underserved populations, and requires the OSBA director to submit a report to the Legislature detailing grant outcomes within 180 days of each emergency proclamation. The fund will be in effect until January 1, 2032, allowing for periodic evaluation and potential future appropriations to address disaster recovery needs.

Budget and Finance, Business and Industry

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB265