SAN FRANCISCO (KRON) – San Francisco small businesses will soon benefit from a new $ 62 million relief plan, Mayor London Breed said in a COVID-19 update Tuesday afternoon.
The financial relief includes grants and “very low to interest-free loans,” the city said.
“We have already lost too many of our small businesses during this pandemic and this relief plan will help many businesses get through these challenging next months as the vaccine is distributed and we can begin our recovery,” said Mayor of London Breed.
How the city describes the assistance proposals:
SF Relief Grants – up to $ 12.4 million: The proposed grant program will provide immediate help in stabilizing small business operations by offering grants ranging from $ 5,000 to $ 20,000 based on the number of employees each employer had in February 2020. This program will support small businesses run by colored people, women, long-term businesses who are hardest hit by home work and who are excluded from or otherwise inaccessible to state and federal programs. Companies must be located in San Francisco and / or have a corporate license in San Francisco to operate.
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SF Community Investment Loans – Up to $ 50 Million: This proposed loan program aims to assist businesses by providing working capital, especially to those excluded from existing aid programs. This includes companies that typically have annual sales in excess of $ 2.5 million, including many restaurants. This plan also includes an emphasis on microcredit for businesses that may otherwise not be able to borrow capital.
Before the funds can be distributed, the board of directors must first pass an ordinance, which will be introduced this month.
The latest COVID-19 numbers
Dr. Grant Colfax said while the city has seen a 70% increase in COVID-19 cases since Thanksgiving, the increase in December holidays is 28%.
He also offered positive information on ICU beds in San Francisco – Colfax said the county still has ICU capacity to treat patients, but surrounding counties in the Bay Area continue to have shrinking capacity.
Across the region, the Bay Area has an ICU availability of 0.7% as of the last update.
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San Francisco leverages community-health partnerships to deliver vaccinations for the most vulnerable.
“The health department will ensure that vaccines are offered to these populations,” Colfax said.
People aged 65 and over will be offered the vaccination this week as part of the San Francisco Department of Health’s clinical care system, Colfax said.
The county is also working with the Latino Task Force to ensure vaccines reach the populations with the highest prevalence of COVID-19 cases.
According to the Department of Health, San Francisco residents who identify as Hispanic or Latin American account for 43.3% of all reported COVID-19 cases, despite only making up about 15% of the population.