Mayor Eric Garcetti announced today that he is relaxing eligibility requirements in order to help more L.A. companies obtain microloan funding from the City, as he highlighted efforts to assist and protect businesses affected by the COVID-19 crisis.
The Mayor has instructed the Economic and Workforce Development Department to relax some requirements to make it easier for companies to receive funding through an $11 million economic relief program rolled out in March. He also directed the department to prioritize loan applications that were previously denied, so they can be reassessed based on the new eligibility standards; and to add capacity to the team charged with processing the loans, so that money can get to companies more quickly. Detailed information about the program can be found at lamayor.org/loan.
“We will survive this crisis — and my administration will do everything possible to help businesses start getting back on their feet while we fight to save lives and rebuild the economy,” said Mayor Garcetti. “These funds can make a real difference, and I want them to get out more quickly to more businesses.”
The Mayor joined Caveman Vintage Music store owner Eric Stollsteimer — one of many local business owners now resuming limited operations under new health and safety protocols — to discuss the City’s efforts to assist and protect businesses, workers, and customers.
Mayor Garcetti has taken a number of actions to assist and protect businesses, workers, and customers during the COVID-19 crisis. He has modified the City of L.A.’s “Safer at Home” emergency order to allow retail businesses to resume limited operations with delivery and curbside or doorside service, with the City now providing retail establishments with temporary retail pickup parking zones to help with compliance and boost safety.
The Mayor also placed a moratorium on commercial evictions against businesses affected by COVID-19, led the creation of the $11 million economic relief package for small businesses, and helped establish an L.A. CARES Corps to help local businesses navigate the process of applying for federal loans that can help them survive the crisis. Before strengthening the order to require Angelenos to wear face coverings at all times when outside their homes and around others, the Mayor required non-medical essential business workers and customers to wear face coverings.
More information and answers to frequently asked questions about the City’s response to COVID-19 can be found at coronavirus.lacity.org.