California Americans with Disabilities Act Small Business Capital Access Loan Program.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the maximum loan amount available through the California Americans with Disabilities Act Small Business Capital Access Loan Program from $50,000 to $250,000. It also transfers funds from the California Seismic Safety Capital Access Loan Program Fund to the newly created Americans with Disabilities Act Small Business Capital Access Loan Program Fund. Furthermore, the bill expands the definition of ‘eligible employer’ to include household employers and modifies administrative expenditure limits, increasing them to 5% of the initial appropriation plus 5% of interest earned and recaptured. The bill also extends the repayment term for loans from 5 years to 15 years.
Key provisions
- Increases the maximum qualified loan amount from $50,000 to $250,000.
- Transfers funds from the California Seismic Safety Capital Access Loan Program Fund to the Americans with Disabilities Act Small Business Capital Access Loan Program Fund.
- Expands the definition of ‘eligible employer’ to include household employers.
- Increases administrative expenditure limits to 5% of the initial appropriation plus 5% of interest earned and recaptured.
- Extends the loan repayment term from 5 years to 15 years.
- Modifies the loss reserve account term to 15 years.
- Requires regulations to reflect the changes in loan terms and recapture limits.
- Requires eligible employers to have a payroll deposit retirement savings arrangement by December 31, 2027.
Who is affected
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1 on record
Primary sponsor
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