California businesses would be able to deduct up to $150,000 in expenses covered by a federal Paycheck Protection Program loan under a Covid-19 relief package announced by Gov. Gavin Newsom and Democratic legislative leaders.
The Democratic governor and lawmakers said they will take immediate action to approve the package, which also would provide $600 payments to low-income Californians who are eligible for the earned income tax credit. This includes noncitizens who have federal Individual Tax Identification Numbers and were not eligible for $1,200 federal relief payments sent in 2020.
The package also includes:
- $2 billion in grants,...