San Diego Mayor Kevin Faulconer announced plans for $4 million in “micro loans” to help small businesses like bars and restaurants that must close due to the coronavirus pandemic.
“San Diego businesses by and large are following the health orders that have been issued over the last several days,” he said. “Unfortunately, that means that most of our beloved establishments from the local bar to your favorite restaurants are suffering.”
He noted that 98% of the businesses in San Diego County are small and need help to stay afloat and pay their employees.
Faulconer said $4 million is just the beginning, with private financial institutions expected to kick in more money. “We’re going to start with that $4 million and grow that quickly,” he said.
Faulconer said information on how to apply for the loans would be forthcoming within a few days.
He also announced a 120-day deferral of local tax and fee payments for businesses and extended all building permits for 120 days.
