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(Sacramento) -- Speaker John A. Pérez (D-Los Angeles) and 10 business leaders from across the state praised the 71-1 vote by the California Assembly to pass AB 113, legislation which will give an additional $2 million in funding to the Secretary of State as a critical first step in expediting the state's processing of business filings to no more than five business days by November 2013. The rapid action by the Assembly aims to reduce the backlog, which had been as high as 85 days. "Every day that a business owner must wait on paperwork to be processed is a day that they are not selling to customers, hiring workers, or contributing to our recovery," said Speaker Pérez. "No longer will new businesses need to wait weeks or even months for the simple paperwork to be processed in order to begin to hire employees, sign contracts, and open for business."