Our team has compiled COVID-19 resources to provide guidance and support for San Diego businesses and residents. Here are three programs providing small businesses relief in the form of loans and grants.
Paycheck Protection Program (PPP)
Part of the recently passed stimulus package, the $349 billion U.S. Small Business Administration program will provide partially forgivable, low-interest loans to businesses with 500 employees or fewer. Loans can be used to offset operating costs including payroll, retirement benefits, mortgage/rent, and utilities. If used for allowable costs only, and if the company maintains the same number of employees, 8 weeks of operating costs can be forgiven. Companies are encouraged to apply through their existing SBA Lender. Please reference this guide and checklist for more information.
Loan Program for Unincorporated Areas
The County of San Diego is developing a loan program for small businesses in unincorporated areas that have suffered financially as a result of COVID-19. The program will give $5 million in loans and will be overseen by the San Diego Foundation. Applications for the loan are not yet open, please check back for updates.
LISC and US Bank Foundation Business Improvement Grants
San Diego is one of five cities nationwide to benefit from a $500,000 donation from U.S. Bank to our local LISC. The money is to be distributed to small businesses in underserved communities facing financial pressure due to COVID-19 in the form of $5,000 grants.
For more COVID-19 recovery resources and information, please visit this page.
Regardless of how this all plays out, EDC is here to help. You can use the button below to request our assistance with finding information, applying to relief programs, and more.
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