Wilk Supports Passing Of Bipartisan Tax Policy In Budget Bill

Senator Scott Wilk, R-Santa Clarita, announced Monday that a bipartisan tax policy he supported to help struggling small businesses who have received Paycheck Protection Program (PPP) loans has passed.

Senate Bill 265 (SB 265), a legislative tax conformity policy, introduced by Senator Andreas Borgeas (R-Fresno) and supported by Wilk to assist struggling small businesses, has passed the budget bill amongst both party lines. 

“Frustrated small businesses have been waiting months for a solution,” Wilk said in a statement Tuesday. “I applaud Senator Borgeas for bringing this idea to the table and for the legislature for getting behind this bipartisan effort to help our struggling job creators.”

The California State Legislature passed Assembly Bill 80 in an attempt to help struggling employers who received the PPP loans and can prove they incurred a 25% loss in business during the pandemic. 

For the past two months, Senator Borgeas led the efforts with Senate Bill 265 as the best measure to save struggling California businesses and protect jobs, officials said. Senate Bill 265 is set to provide full federal conformity for all businesses that have received the PPP loans.

“What we passed today provides a solution for many small businesses who are struggling to get back on their feet,” Wilk said. “As I’ve said in the past, a win for bipartisanship is a win for our small business community because good ideas shouldn’t have party lines.”

Read the entire SB 265 bill here.

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