Mayor London Breed Announces Expansion in Financial Relief for Small Businesses Impacted by COVID-19
On June 4, 2020, Mayor London N. Breed and the Office of Economic and Workforce Development announced the opening of the application process for $6.5 million in funds to support small businesses., including: (1) $1.5 million for the San Francisco’s Small Business Resiliency Fund, and (2) $5 million for the Hardship Emergency Loan Program (SF HELP) in the form of grants and 0% interest loans to support over 300 small businesses.
The second phase of San Francisco Resiliency Fund grant program will provide a total of $1.5 million to at least 190 struggling small businesses of up to $10,000 in aid. The funds may be used to support business expenses such as rent, payroll, and utilities or to supplement their income resulting from a direct loss of business revenue.
An additional $5 million to SF HELP will provide approximately 110 small businesses up to $50,000 in zero interest loans. SF HELP provides flexible funding to businesses unable to access other types of government loan products.
Finally, the City also announced the awarding of nearly $800,000 in Neighborhood Small Business Mini Grants to 276 small independently-owned businesses in the Bayview, Central Market and the Tenderloin, Excelsior, Japantown, Fillmore, Mission, South of Market, and the Oceanview Merced Ingleside neighborhoods. An additional $200,000 is currently being processed as part of the Women Entrepreneurship Fund.
For more information about the application process and funding, please visit: https://sfmayor.org/article/mayor-london-breed-announces-expansion-financial-relief-small-businesses-impacted-covid-19
Smith Shapourian Mignano PC is available to answer any questions or concerns you may have regarding San Francisco’s Small Business Resiliency Fund and the Hardship Emergency Loan Program.
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