Earlier today, the Los Angeles County Board of Supervisors voted to move forward with a new measure to help small businesses cope with the COVID-19 crisis.
The one-time relief fund, initiated by a motion from 2nd District Supervisors Mark Ridley-Thomas, is intended to provide:
- bridge funding for small businesses likely to receive federal disaster assistance;
- low-cost loans for businesses that may not qualify for federal assistance;
- working capital loans to nonprofit organizations and small businesses that provide essential service; and
- cash grants to micro entrepreneurs and other vulnerable populations that do not qualify for federal relief.
In addition to businesses with 20 or fewer employees, Los Angeles County's COVID-19 Relief Fund is intended to provide assistance immigrant business owners, who may be discouraged from applying for federal relief due to the expansion of the "public charge" rule or a fear of deportation.
“Ensuring all businesses have access to these resources is of paramount importance,” said Ridley-Thomas in a statement. “We know from history and intuitively that the best-resourced businesses are often first in line for available relief.”
Initial investments into the relief fund include $12 million from Los Angeles County, $15 million from Goldman Sachs Group, $1 million from Wells Fargo Foundation, $100,000 from Citi Community Development, and $25,000 from Union Bank Foundation.
For more information about the Relief Fund, visit the County’s Disaster Help Center at http://lacountyhelpcenter.org, or call 833-238-4450.