Santa Clara County Supervisors Susan Ellenberg and Joe Simitian are proposing a $100 million mortgage program that would offer low-interest loans to small companies negatively impacted by COVID-19.
If the proposal is authorized at Tuesday’s Board of Supervisors assembly, County Administration will come again with a report outlining program choices throughout funds hearings in mid-November.
“COVID-19 has been an financial physique blow for our County’s small companies and their staff,” mentioned Simitian. “These companies are the backbones of our communities, offering employment and financial stability for residents throughout the county.”
Because the shelter-in-place orders in March, small companies have needed to both completely or briefly shut their doorways as they confronted losses, layoffs and chapter.
In reality, the county’s largest metropolis, San Jose, ranks fifth within the nation with the most important variety of small enterprise closures. For each 1,000 companies, 9 are completely shut and 11 are briefly closed, based on Yelp knowledge.