The Racial and Economic Equity Grant Program.

Existing law, the Economic Revitalization Act, establishes the Governor's Office of Business and Economic Development, also known as "GO-Biz," within the Governor's office to serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth, as provided. Existing law also requires the Office of the Small Business Advocate, established within GO-Biz, to administer the California Small Business COVID-19 Relief Grant Program for the purpose of providing grants to qualified small businesses affected by COVID-19 in order to support their continued operation. This bill would create the Racial and Economic Equity Grant Program, administered by GO-Biz, for the purpose of providing grants to address disproportionate impacts borne from the COVID-19 pandemic, as defined, and the lack of critical physical and social infrastructure, resulting from chronic underinvestment, in key segments of the economy of this state. The bill would appropriate $3,300,000,000 from the General Fund, to be used to provide grants under the program, and require GO-Biz to allocate those moneys for specified purposes and in accordance with specified objectives. The bill would require GO-Biz to develop guidelines for the distribution of grants under the program, as provided. This bill would declare that it is to take effect immediately as an urgency statute.