Mayor Eric Garcetti announced the formation of L.A. CARES Corps, a partnership between the City and County of Los Angeles to provide small businesses with assistance in applying for federal loans that can help them survive the COVID-19 crisis.
“When we talk about saving lives, we’re also talking about livelihoods,” said Mayor Garcetti. “Small businesses are the heartbeat of our economy, and we must do everything we can to help them through this very difficult moment.”
Federal relief established close to $350 billion for two different Small Business Administration (S.B.A.) loan programs: Economic Injury Disaster loans and the Paycheck Protection Program. At coronavirus.lacity.org/
“This crisis has turned our local business community upside down, leaving thousands of entrepreneurial Angelenos unsure if they will stay open or make payroll,” said Councilmember Bob Blumenfield. “If we can help our local companies access as little as an additional .3% of the SBA federal financial help, it will literally mean more than $1 billion for Angelenos. Helping position companies for these funds will help both employers and employees get through this incredibly tough time.”
For businesses that are not eligible for an S.B.A. loan, L.A. CARES Corps can share information on how to apply for the City’s Small Business Emergency Loan or obtain assistance through a BusinessSource Center.
“This is a tough time for small businesses, and we want to connect them to resources that can help ensure their survival,” said Carolyn Hull, General Manager of the Economic and Workforce Development Department. “L.A. CARES Corps will offer the technical assistance and practical expertise they need to navigate a complicated process.”
Mayor Garcetti has taken several steps to assist the business community during the COVID-19 emergency — including an $11 million economic relief package built on microloans and a moratorium on commercial evictions. The Mayor also formed L.A. Protects, a partnership to organize the city’s fashion and garment industry to make protective gear and other medical supplies for frontline workers — which could help businesses that might otherwise have to close, by connecting them with opportunities to provide an essential service.