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Budget panel files ordinances to enable $20 million short‑term loan program for small businesses
Summary
The Budget and Finance Committee filed two ordinances to authorize a $20 million short‑term line of credit and appropriate $20 million in loan proceeds (plus $600,000 from the general reserve) to help San Francisco small businesses pay rent and fixed operating costs amid the COVID‑19 downturn.
The San Francisco Board of Supervisors’ Budget and Finance Committee on April 8 filed two ordinances to enable short‑term emergency loans for small businesses hit by the COVID‑19 pandemic.
The ordinances would authorize the treasurer to secure a short‑term line of credit of up to $20,000,000 to provide unsecured emergency loans to small businesses with physical locations in San Francisco unable to meet rent, mortgage or other fixed operating costs,…
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