Written by Michael Palomba
County Supervisor Jim Desmond announced that the Board of Supervisors has agreed to a $5 million loan relief program to assist small businesses during the COVID-19 pandemic.
Today, the Board of Supervisors agreed to a $5 million low-interest loan program to help small businesses in the unincorporated area that have been impacted the most by this pandemic.
Thank you @dianne_jacob for partnering up and thank you to The San Diego Foundation for helping.— Supervisor Jim Desmond (@jim_desmond) April 21, 2020
The program is being funded by the county and administered by the nonprofit San Diego Foundation. The goal is to provide local businesses with zero-to-low interest loans to help them make it through this difficult time.
This couldn’t have come at a better time. Thousands of restaurants throughout the state have closed their doors or moved to a pickup-only system due to the coronavirus. Additionally, all nonessential businesses have been ordered to close. Small business owners are truly struggling, and they need some relief.
“I’ve heard from hundreds of business owners who are eager to get back to work and willing to follow the safety protocols,” Desmond said. “Hopefully with this loan program and their understanding, we can get the economy up and running sooner!”
Businesses with fewer than five employees in unincorporated areas could qualify for a loan of up to $50,000 with an interest rate of two percent or lower. The term of these loans would be no longer than two years.
Supervisors Jim Desmond has been leading the way for more coronavirus related relief for San Diego businesses. In addition to this move, Desmond and Supervisor Kristin Gaspar have also been pushing hard for property tax extensions to help struggling residents.
