CA SB151

Renames and restructures the California Innovation Hub Program as the "California Inclusive Innovation Hub Program" (iHub2), transferring administration from GO-Biz to the Office of the Small Business Advocate, with focus on underserved geographic areas, industry sectors, and business owners.

Establishes the California Competes Grant Program (through January 1, 2030) to provide grants to applicants creating 500+ jobs, making $10+ million infrastructure investments, or creating jobs in high-poverty/unemployment areas, with committee approval and recapture provisions.

Creates three COVID-19 relief grant programs: California Microbusiness COVID-19 Relief Grant Program ($2,500 per qualified microbusiness with under $50,000 revenue), California Nonprofit Performing Arts Grant Program ($50 million), and California Venues Grant Program ($150 million for independent live events).

Modifies the California Small Business COVID-19 Relief Grant Program to allow nonprofit cultural institutions' $50 million allocation to be distributed in multiple rounds instead of a single round.

Transfers administration of the California Small Business Development Technical Assistance Expansion Program to the Office of the Small Business Advocate and establishes the California Dream Fund Program for microgrants up to $10,000 to underserved entrepreneurs, including undocumented individuals.