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How a Federal Stimulus Could Help LA's Small Businesses During the Pandemic
A sign in front of Broguiere's dairy announces that the business is closed until further notice. screengrab from KCAL Los Angeles
If you own or work for one of California’s nearly four million small businesses, we know you're hurting right now. But help is on the way in the form of a massive $2 trillion stimulus package, which Congress approved today.
The stimulus contains $349 billion in loans to small businesses and nonprofits with less than 500 employees. People who are self-employed or gig workers also qualify. These loans can be forgiven if business owners use the money to keep employees on the payroll, rehire laid-off employees, or pay their rent, mortgage, utilities or any other business-related debts.
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
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