CA SB162

Establishes the Community Economic Resilience Fund Program within the Employment Development Department's Workforce Services Branch to support economic recovery from COVID-19 and transition to a carbon-neutral economy.

Creates an Inter-Agency Leadership Team comprised of the Labor and Workforce Development Agency, Office of Planning and Research, and Governor's Office of Business and Economic Development to jointly oversee program planning, guidelines, and grant structures.

Provides planning grants to establish at least one High Road Transition Collaborative per region in areas disproportionately impacted by COVID-19, and implementation grants on a rolling and competitive basis for economic development projects through June 30, 2024.

Requires grantees to meet spending and obligation deadlines of December 31, 2024, and full payment by December 31, 2026, with comprehensive reporting to the Legislature beginning December 31, 2022.

Appropriates $600,000,000 from the Coronavirus Fiscal Recovery Fund of 2021, with up to 3% transferable to specified state agencies for program support.