Cyndia also discusses that small organization got merged with some of those businesses which used to be paid by government of their state. This helped California’s economy big time from being crashed completely. She quotes the state controller of California John Chiang who declared the reimbursement to small companies. State rules indicated that small businesses with revenues less than 12 millions are amount the not-to-be-paids, where man-power is 100 or few more. Small businesses owed one-third of the estimated figure. Although some special funds would be made that will lend loans from Department of Finance.
The state laws are being followed that the late reimbursement of businesses will pose a penalty interest from about 5.325%. The state is trying to apply for taking a loan up to $2 billion from 19 different states so as to remove the penalty. The usual warning of 30 days for posing a penalty has been increased to 45 days by the controller’s office.
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