City Of Sacramento Selects 101 Businesses To Receive COVID-19 Economic Relief Loans
SACRAMENTO (CBS13) – Mayor Darrell Steinberg and the City of Sacramento said 101 local businesses were selected to receive zero-interest loans from the city's $1 million COVID-19 economic relief fund.
The selected businesses, which are located all across Sacramento, include various restaurants, retail businesses with storefronts, daycare providers and non-profits, city officials said.
The City said microbusinesses with five or fewer employees received $5,000; With businesses of six or more employees, the loan amount is determined by the number of employees with a maximum amount of $25,000.
"Given the magnitude of the economic disruption caused by COVID-19, this $1 million is a solid start but just the beginning of what government at all levels will be doing to protect our businesses, workers and non-profit organizations," said Mayor Darrell Steinberg. "I'm happy that 101 small businesses in Sacramento can now breathe a little easier."
The City said they are working with Five Star Bank to disperse the loans next week and that the funds could be used to cover things like payroll and day-to-day expenses.
Of the 101 businesses, there are 49 microbusinesses and 52 businesses, which are situated in all city council districts.
The City said the applications for the loans were selected on a first-come, first-serve basis to qualified businesses – 1,402 completed applications were received with another 2,545 draft applications.
The City said the fund was established to mitigate the financial effects of coronavirus on the community.
"We knew we needed to act quickly to throw a lifeline to our local small businesses, artists and non-profits," said Councilmember Steve Hansen. "Our economic relief loan program in hand with our temporary commercial eviction ban should help the thousands of City businesses that need help. We're tirelessly working with our federal partners, local chambers and other business partners to provide immediate help and resources to those in need."