Businesses in California are struggling to get by after a wave of changes to state business regulations and regulations imposed by the California government that affected nearly half of the state’s businesses.
According to a report by the nonprofit Institute for California Government Policy (ICOG), California’s largest business lobby, nearly 2,000 businesses and agencies were hit with a $9 billion in fines, including more than $1 billion in losses, due to the California CAF overhaul.
The report found that the vast majority of the affected businesses were located in the San Francisco Bay Area, the epicenter of the California economic boom.
A number of businesses in Southern California also faced the brunt of the changes.
“The California CAO’s CAF changes have had a profound effect on businesses in the state,” said the report.
“More than one in four businesses that were impacted by CAF’s California CAI rule have filed for bankruptcy, or had to lay off staff and cut hours.
In many cases, businesses were forced to layoff employees for months.
Many companies had to close their doors in the months following the rule’s implementation.”
The impact of the CAI changes was so severe that some businesses in Northern California, such as hotels and restaurants, were forced into bankruptcy.
Many of the businesses impacted by the rule were small businesses that did not have the financial resources to defend themselves, according to the report, which cited data from the California Business Alliance.
According the report’s authors, the CAFI reform process was designed to allow businesses to survive, but the changes in the new regulations were so severe and disruptive that many businesses in California were forced in bankruptcy or have been forced to close.
There are also a number of other consequences for California businesses that had been hit with fines, according the report: “The CAF rule also imposed a substantial amount of new costs and burdens on California’s businesses, resulting in increased costs for businesses, increased costs to consumers, and higher consumer costs, among other things.
These costs were not passed along to consumers.”
California’s state business regulators, as well as the federal government, have responded to the changes by trying to rein in some of the new costs that were imposed by CAFI.
Some of the cost savings the state has seen are in the form of reduced employee and consumer benefits, as mandated by the federal Consumer Financial Protection Bureau.
However, the state is still being sued by the Trump administration for the cost of the rules, which the Trump Administration has been accused of mismanaging.