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Budget panel pauses $20 million emergency small-business loan after fiscal questions
Summary
The Budget and Finance Committee debated Supervisor Ronan’s proposal for a $20 million, no-interest loan program to help small businesses weather the COVID-19 shutdown. Members split over fiscal risk; the committee voted to continue the measure so the Controller can provide updated revenue and reserve estimates.
San Francisco — The Budget and Finance Committee on March 25 debated an emergency $20 million small-business loan program but deferred a final recommendation after supervisors pressed for more fiscal detail.
Supervisor Ronan introduced the two ordinances that would authorize the treasurer to secure a short-term $20 million line of credit and appropriate $20 million plus $600,000 from the General Reserve to fund no-interest loans of up to $15,000 with no payments due for 12 months. "This will help businesses hold on through the immediate months ahead," Ronan said, urging a low-barrier program targeted to businesses at high risk of permanent…
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