The City of La Quinta and City Council has established a $1.5 million COVID-19 Small Business Emergency Economic Relief Program (Program), which will help to provide small businesses with emergency cash flow loans during this immediate health crisis.
The City opens the Program on Tuesday, April 21, 2020 at 1pm and the deadline to submit applications is Thursday, April 30, 2020 at 5pm. The application period will close once all funds have been allocated. Eligibility and Program Guidelines are described in detail on the website below. Funds will be allocated to eligible businesses of 25 or fewer full-time equivalent employees in the form of 0% interest loans of $5,000; $10,000; $15,000; or $20,000. Up to $500,000 is available exclusively to restaurants in the City that are currently open for pickup and/or delivery orders. Loan applications are administered through the City’s Finance Department.
“The City recognizes that coronavirus disease (COVID-19) has put a difficult burden on our small business community,” said Jon McMillen, City Manager. “The Economic Disaster Emergency Reserves, established by the Council, will be used to fund this loan program as a direct response to this unprecedented challenge and will be put to good use by our local businesses, to help the City of La Quinta’s residents and its local economy.”
The applications will be reviewed and approved by an Ad Hoc committee of two Councilmembers, two Finance Advisory Commissioners and two city staff members (Financial Services Analyst and Assistant to City Manager).
“We anticipate distributing checks to approved businesses in early May,” said Mayor Linda Evans. “We will come out of this stronger if we all work together. The safety and well-being of our community remain our top priority as we face an issue of enormous scale and impact. We understand this time is challenging, and our hearts go out to all who have been affected by the outbreak of COVID-19.”
The City asks its residents, and beyond, to continue their part in helping stop the spread by practicing social distancing, sheltering in place, and adhering to County Health orders and recommendations.
To apply for the Small Business Emergency Economic Relief Program visit www.laquintaca.gov/COVID19BUSINESSLOAN.
For more information regarding COVID-19, please visit: Laquintaca.gov/COVID19