San Diego Mayor, Kevin Faulconer, announced a proposal to reallocate San Diego’s (California) Small Business Relief Fund to help the communities in need.
Specifically, it will give relief to the businesses in historically underserved communities.
The Mayor plans to relocate about $700,000 to the city of San Diego’s Small Business Relief Fund.
The funding would aid recovery efforts through many forms.
It would be through specialized outreach, technical assistance, and direct grants to hundreds of business owners.
A Shot In The Arm
Mayor Faulconer claimed this proposal would give businesses in the underserved communities, a much needed shot in the arm.
In a press conference, the Mayor said:
“With San Diego’s small businesses struggling to survive, we need to do everything we can.
To help them stay open safely and responsibly as we get through this pandemic together.
We also want to ensure that every small business in San Diego has equal access to the relief funds.
So we’re reaching out directly to our Black, Latino and Asian business communities.
(This is) to encourage their members to take advantage of this opportunity.”
The press statement gave the list of criteria to be eligible, business owners must:
- Be self-employed, an independent contractor, a sole proprietor, or a corporation with revenues less than $100,000
- Have 10 or fewer employees
- Document a decline in revenue due to COVID-19
- Have been in operation for at least six months
The grants range from $1,000 to $5,000.
It will serve businesses operating in economically vulnerable and historically underserved communities.
This includes San Diego’s Promise Zone, Opportunity Zone, Low-& Moderate-Income Census Tracts, and other economic corridors most impacted by COVID-19.
Alongside direct grants, the funding would support citywide specialized outreach to target at-risk businesses.
This is by offering informational resources and help to identify relief opportunities.
This assistance would come at no cost to the business owner, said the press statement.
The city would provide guidance on fee waivers, service vouchers, and subsidies.
Moreover, other economic relief programs available include:
- Paycheck Protection Program
- Economic Injury Disaster Loans
- Small Business Debt Relief
- Disaster Relief Loan Guarantee Program
- Small Business Stimulus Grant Program
Furthermore, the San Diego City Council will vote on the proposal to reallocate the funds at a meeting in early August.