April 15 Update: Small Business Owners Can Apply for $15 Million Loan Fund
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.
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 opened April 15th and can be accessed at https://crfusa.com/ppp/la-ppp-inquiry/.
Business owners and nonprofits who access the application portal will initially submit an inquiry with CRF.