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Committee files ordinances to enable $20 million emergency loan program for small businesses
Summary
The Budget & Finance Committee filed two ordinances enabling a $20 million short-term emergency loan program and appropriating $20 million in loan proceeds plus $600,000 from the general reserve to administer loans; the filing followed Supervisor statements about OEWD programs and an absence of public comment.
The Budget and Finance Committee on April 8 filed two ordinances to support a short‑term emergency loan program for San Francisco small businesses hurt by the COVID‑19 economic downturn.
The clerk read two files: an ordinance authorizing the Treasurer to secure a short‑term line of credit not to exceed $20,000,000 to provide unsecured emergency loans to small businesses with a physical location in San Francisco that cannot meet rent, mortgage or other fixed operating costs due to SARS‑CoV‑2; and an ordinance appropriating $20,000,000 of loan proceeds and $600,000 from the general reserve to the Treasurer to administer individual loans for impacted small businesses.
Supervisor (recorded in the transcript as speaker 4) described work with the Office of Economic and Workforce Development (OEWD) to create a $10,000,000 package and reported that OEWD had replenished the small business resiliency grant fund by $1,000,000 and launched an "SF LEHI hardship emergency loan program" with $4,500,000 available immediately and another $4,500,000 to be added within the month. Supervisors Yee and Walton publicly thanked Supervisor Ronan (the sponsor) for leading outreach and prioritization efforts.
The committee opened public comment; no callers participated. The Chair moved to file the items; the committee completed a roll‑call process (initially recorded, rescinded due to a procedural second by a noncommittee member, then re‑taken) and recorded three ayes to file items 1 and 2 on the Budget and Finance Committee agenda.
Committee members asked staff to ensure outreach reaches Chinese‑ and African‑American‑owned small businesses and to provide information about how OEWD will administer the funding with community partners and participating lenders. The committee did not adopt further substantive changes at the hearing; staff will provide follow‑up as the programs move toward implementation and full Board consideration.
