California | January 6, 2021

California Gov. Newsom Allocates $4.5B for State’s Economic Recovery

California Governor Gavin Newsom unveiled a $4.5-billion spending plan on Tuesday that he says will help pull the state through the COVID-19 crisis and advance an equitable, broad-based recovery. The Governor previewed his Equitable Recovery for California’s Businesses and Jobs plan, the business and workforce recovery elements of his 2021-22 State Budget, that is expected to create jobs and help small businesses recover from the downturn brought on by the global health pandemic.

Gov. Newsom says, “California’s economy is known the world over for our innovation, inclusion and resilience. That spirit will carry us through this pandemic and beyond. These budget proposals reflect our commitment to an equitable, broad-based recovery that ensures California remains the best place to start and grow a business – and where all Californians have an opportunity to reach their dreams.”

The proposed plan includes $500 million to create jobs and long-term housing development by unlocking more than 7,500 new permanently affordable homes for Californians. Through the Infill Infrastructure Grant (IIG) Program, local governments and developers can bring the cost down for new housing by defraying costs for things like sewers, roads and site preparation, while putting thousands of people to work building housing-related infrastructure.

Also included in the proposed plan is $1.5 billion for people to buy electric cars and to build the needed charging stations.

The California Jobs Initiative, a $777.5 million component of the proposal, focuses on job creation and retention, regional development, small businesses and climate innovation. It includes increased funding for location incentives, job creation, infrastructure investment, hiring or rehiring tax credits as well as entrepreneurship and small business creation funds, business and disaster loan funds, and sales tax exclusions for manufacturing equipment.

The budget includes $575 million more for California’s small businesses to help them adapt operations amid the COVID-19 pandemic. This proposal is on top of the initial $500 million already allocated in partnership with the Legislature in November.

The proposed budget also includes one-time and ongoing investments totaling $353 million to support California’s workers through workforce development and training initiatives as they adapt to changes in the economy brought about by COVID-19.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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