San Diego To Receive $1.8 Million For Small Businesses Impacted By Coronavirus Pandemic
The U.S. Department of Commerce on Thursday awarded more than $38 million in coronavirus relief money across Southern California, including $1.8 million to the cities of San Diego and Chula Vista.
The commerce department's Economic Development Administration will give the Coronavirus Aid, Relief, and Economic (CARE) Security Act money to San Diego to begin and administer a revolving loan fund for coronavirus-impacted businesses in San Diego and Chula Vista.
Secretary of Commerce Wilbur Ross said the revolving loan funds will provide critical gap financing to small businesses and entrepreneurs adversely affected by the COVID-19 pandemic across Southern California.
"President Trump is working diligently every day to support our nation's economy following the impacts of COVID-19 through the CARES Act," Ross said. "These investments will provide small businesses across Southern California with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future."
The CARES Act, signed into law by President Donald J. Trump, provides the EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
The commerce department announcement Thursday included 14 recipients of CARES Act funds, from $11 million going to Los Angeles County down to $550,000 to the Southland Economic Development Corporation in Santa Ana.
"These investments come at a crucial time to help Southern California's and our nation's economy come roaring back and provide hard- working Americans with new opportunities," said Dana Gartzke, performing the delegated duties of the assistant secretary of commerce for economic development. "Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Southern California businesses have access to capital to respond to and recover from the coronavirus pandemic."
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau's Economic Adjustment Assistance program, provides a wide range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the pandemic.