S. F. unveils business relief plan
San Francisco announced a $ 62 million relief plan Tuesday for small businesses struggling during the coronavirus pandemic, its largest financial aid measure to date.
The program, which requires approval from the Board of Supervisors, would include a combination of $ 12.4 million in grants and up to $ 50 million in lowto zerointerest loans.
The S. F. Relief Grants progam would offer between $ 5,000 to $ 20,000 to small businesses located in the city or that have a San Francisco business license. Funding would depend on the number of employees a business had in February 2020, the mayor’s office said. Business owners who are people of color, women and longstanding operators in industries most affected by stayathome orders and those unable to access state or federal relief assistance during the pandemic are encouraged to apply when the program starts.
The planned $ 50 million loan program, called the S. F. Community Investment Loans, will offer loans up to
$ 250,000 to small businesses that normally generate more than $ 2.5 million in annual revenue, with a focus on those that have been left out of previous relief programs.
Numerous business sectors have been mostly closed during the pandemic, including indoor gyms, nail salons and barbershops. Retailers are currently limited to 20% customer capacity, while restaurants are limited to delivery and takeout. The absence of most office workers has also devastated downtown merchants.
“We have lost too many of our small businesses already during this pandemic, and this relief plan will help many businesses get through these next challenging months as the vaccine is distributed and we can begin our recovery,” Mayor
London Breed said in a statement.
Since March, the city has provided $ 24 million in grants and loans to 1,230 small businesses struggling during the public health crisis. The city has also taken other steps, such as waiving $ 5 million in fees and taxes for entertainment and nightlife businesses, and small restaurants.
Funding for the program will come from various city departments working with the mayor’s office in identifying savings by analyzing their budget and spending. An ordinance for the relief program is planned to be introduced at the Board of Supervisors meeting in January.