SF businesses affected by the pandemic can now receive interest-free loans under the new program

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Small businesses in San Francisco struggling to recover from the pandemic can now get an interest-free loan of up to $ 100,000 through a new $ 12 million government program.

The initiative will focus on companies with fewer than 50 employees and gross revenues of less than $ 2.5 million in 2019, especially those that have overlooked other forms of government or federal aid. New business owners can also apply. San Francisco Small Business Recovery Loan Fund, a partnership between the city, government fund and local nonprofit organizations, started accepting applications online Thursday.

“The COVID-19 pandemic has wiped out many of our small businesses and forced them to change their business models to meet public health and safety requirements,” London Mayor Breed said in a statement announcing the foundation. “Small businesses have supported this city throughout the pandemic and will play a critical role in rebuilding our economy.”

Due to the San Francisco pandemic, one of the most severe in the country, many businesses have been temporarily closed, and some permanently. About half of businesses open before the pandemic and remain closed, according to the agency. San Francisco Chamber of Commerce Review… The city is prioritizing small business recovery – already providing $ 52.8 million in grants and loans, eliminating $ 5 million in fees and taxes for entertainment and small restaurants, and committing $ 12 million to waiver fees for the first year for starting a small business.

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