We are pleased to announce that yesterday the Los Angeles County Board of Supervisors adopted a motion to establish the LA County COVID-19 Relief Fund which directs the Department of Consumer and Business Affairs (DCBA) to develop and implement a loan and grant fund by April 21st. The motion also directs DCBA to move swiftly to infuse additional capital into Los Angeles County.
To that end, DCBA is seeking your support with a time-sensitive action item.
The County of Los Angeles has partnered with Goldman Sachs 10,000 Small Businesses initiative and Community Reinvestment Fund, USA (CRF) to bring $15 million in additional private capital to small businesses and nonprofits in the Los Angeles County region. The capital will be deployed by CRF through the Paycheck Protection Program (PPP), a forgivable loan product created by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Early reports indicate that funding for federal PPP loans may be exhausted nationwide as early as Friday, April 17, 2020. As such, CRF will expedite the opening of a new loan application portal. The application portal will provide an opportunity for small businesses and nonprofits to apply for PPP loans if they have been unable to do so through a traditional banking institution.
The online portal (linked here) will open TODAY, April 15th at 1 p.m.
Business owners and nonprofits who access the application portal will initially submit an inquiry with CRF.
Business owners should be prepared to provide information on their business.
After successfully submitting an inquiry, loan processers at CRF will follow up directly with business owners to obtain necessary documents and information to process the loan request.
All eligible business owners and nonprofits who have been unable to apply for a PPP loan through a bank or other financial institutions are encouraged to submit an inquiry. We urge you to share the information and apply at your earliest opportunity. If you have any questions, please contact the Los Angeles County Disaster Help Center at 833-238-4450.