On September 11, 2020, Governor Newsom signed Assembly Bill 276 (“AB 276”), amending California’s tax law regarding the taxation of loans from qualified employer benefit plans to employees. The amendments track the provisions of the federal CARES Act on this issue, bringing much-needed uniformity between California and federal law governing this issue.

California and federal

On March 19, California Governor Newson issued a historic Executive Order N-33-20 (the “Order”)  impacting approximately 40 million California residents.  The Order directs all individuals living in California to stay at home “except as needed to maintain continuity of operations of the federal critical infrastructure sectors” or to obtain essential needs, such as food, healthcare,