Plain English Breakdown
The official text states the bill takes effect immediately as an urgency statute, but does not provide a specific calendar date for enactment.
Small Business Resiliency and Innovation Act
AB-685 creates a $26 million fund to support small businesses by updating eligibility rules for technical assistance centers, allowing them to apply as networks, and funding existing programs.
What This Bill Does
- Creates the Small Business Resiliency and Innovation Fund in the State Treasury with $26,000,000 from the General Fund.
- Requires the Office of Small Business Advocate (OSBA) to manage the fund and distribute money to the Capital Infusion Program (CIP), the California Small Business Technical Assistance Program (SB-TAP), and for OSBA administrative purposes.
- Updates eligibility rules for small business technical assistance centers that receive funding from nonstate sources by creating uniform requirements.
- Allows a group of technical assistance centers to apply as a network if they share contracts under the same program and funding authority.
- Requires GO-Biz to submit a report on how funds were allocated and spent by January 1, 2030.
Who It Names or Affects
- Small businesses that receive technical assistance or capital infusion support through state programs.
- The Office of Small Business Advocate (OSBA) and the Governor's Office of Business and Economic Development (GO-Biz).
- Technical assistance centers applying for grants under SB-TAP.
Terms To Know
- SB-TAP
- California Small Business Technical Assistance Program, which provides free or low-cost consulting and training to small businesses through grant agreements with technical assistance centers.
- CIP
- Capital Infusion Program, a program administered by OSBA that helps provide funding support to small businesses.
Limits and Unknowns
- The bill does not specify the exact dollar amounts allocated between CIP, SB-TAP, and administrative costs.
- The specific details of how eligibility criteria will change are described as 'as specified' without full listing in this summary.