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To embed, copy and paste the code into your website or blog: This post provides information regarding California Assembly Bill No. 80 (the “Bill”), which conforms California tax law to Federal tax law on PPP loans. The Bill received bi-partisan support, passing the California Assembly with a vote of 75-0 and passed the California Senate with a vote of 37-0. Governor Newsom signed the Bill on April 29, 2021. In a press release, the Governor’s office characterized the bill as a “$6.2 billion tax cut” for small businesses. Under the Bill, the forgiven PPP loans that businesses received from the federal government during the pandemic will not be counted as taxable income, and these businesses can also deduct the costs of expenses that those loans paid for.

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