Small Business Resiliency and Innovation Act.

Plain English Breakdown

The exact amount of money each business will receive from the fund is not specified in the official source material.

Small Business Resiliency and Innovation Act

The Small Business Resiliency and Innovation Act provides financial assistance for small businesses affected by the January 2025 wildfires in Los Angeles and Ventura counties.

What This Bill Does

• Creates a fund with $26 million to support small businesses hit by the wildfires.
• Requires OSBA (Office of Small Business Advocate) to manage this fund and allocate money to existing programs like CIP (Capital Infusion Program) and SB-TAP (Small Business Technical Assistance Program).
• Establishes a new program within OSBA to help employees of affected small businesses.
• Needs GO-Biz (Governor’s Office of Business and Economic Development) to report on how the money is used.
• Sets an end date for this act in 2030.

Who It Names or Affects

• Small businesses that were hurt by wildfires in Los Angeles and Ventura counties.
• Employees of those small businesses.
• OSBA (Office of Small Business Advocate) and GO-Biz (Governor’s Office of Business and Economic Development).

Terms To Know

OSBA

The Office of Small Business Advocate, which helps small businesses in California.

SB-TAP

Small Business Technical Assistance Program, a program that gives free or low-cost help to small businesses.

CIP

Capital Infusion Program, which provides financial support to small businesses.

Limits and Unknowns

• The bill only helps small businesses affected by the January 2025 wildfires in Los Angeles and Ventura counties.
• It is not clear how much money each business will receive from the fund.
• The act ends on or before January 1, 2030.

Official Summary Text

AB 685, as amended, Solache.
Los Angeles and Ventura Wildfire
Small Business
Recovery
Resiliency and Innovation
Act.
Existing law establishes the Office of Small Business Advocate (OSBA) within the Governor’s Office of Business and Economic Development, also known as GO-Biz, to advocate for causes of small business and to provide small businesses with the information they need to survive in the marketplace. Existing law also establishes the California Small Business Technical Assistance Program (SB-TAP) within OSBA, under the direct authority of the Small Business Advocate, for the purpose of assisting small businesses through free or low-cost one-on-one consulting and low-cost training by entering into grant agreements with one or more small business technical assistance centers. Under existing law, OSBA administers the Capital Infusion Program (CIP) pursuant to the SB-TAP, as specified.
This bill would establish the
Los Angeles and Ventura Wildfire
Small Business
Recovery
Resiliency and Innovation
Act to provide assistance to small
businesses directly impacted by the January 2025 wildfires in the Counties of Los Angeles and Ventura.
businesses.
For this purpose, the bill would appropriate
$50,000,000
$26,000,000
from the General Fund to the
Los Angeles and Ventura Wildfire
Small Business
Recovery
Resiliency and Innovation
Fund, which the bill would create in the State Treasury. The bill would require OSBA to administer the fund and to allocate moneys in the fund to both the CIP and the
SB-TAP. The bill would also require OSBA to establish a separate program to provide relief for employees of small businesses directly impacted by those wildfires.
SB-TAP, and to OSBA for administrative purposes, as provided.
The bill would require Go-Biz to submit a report to the Legislature detailing
the allocation and expenditure of funds pursuant to these provisions
and would repeal the act
on
or before
January 1,
2031.
2030.
The bill would make legislative findings and declarations as to the necessity of a special statute for the Counties of Los Angeles and Ventura.
This bill would declare that it is to take effect immediately as an urgency statute.

Current Bill Text

Download Bill PDF