On Tuesday, April 21st, San Diego County supervisors unanimously approved a $5 million loan program intended to help small businesses affected by the coronavirus.
This program that was proposed by Supervisors Jim Desmond and Dianne Jacob, will allow businesses in the unincorporated areas of San Diego with 50 employees or less apply for loans up to $50,000 each. Loans are funded by the county’s general fund and the qualifying businesses will have up to five years or 60 months to repay the loan.
Jacob emphasized how vital small businesses are to our community stating “Small businesses are the backbone of our communities, and they’re in a world of hurt right now.” In this time of uncertainty and economic loss, the hope is that this program will give small businesses some time to get back on their feet and avoid layoffs. Providing small businesses with resources is crucial for the county and their goal is to provide them quickly and smoothly.
The program will be overseen by the San Diego Foundation who will return at least 95% on defaulted loans and 100% on loans that are paid off no later than 30 months after the county contribution is distributed. The San Diego Foundation will also ensure all loans are covered by California’s Small Business Loan Guarantee Program or similar program. Founder of the San Diego Foundation, Mark Stuart, states that the $5 million contribution will allow his organization to reach more areas of the county.
At SDHRC, we know keeping up with available resources for businesses surrounding COVID-19 can be daunting and complex, which is why we created our COVID eShield Hotline service. Enroll in this complimentary service today to get your coronavirus questions answered by our HR professionals.
In addition to enrolling in the eShield Hotline, visit our COVID Resources page that is updated constantly by our team. This page features videos from our consultants on a wide range of COVID related topics, a FAQs document that is updated biweekly, government resources, and much more.