Los Angeles County Tuesday created a public-private partnership to bring $28 million to small businesses in the county affected by the coronavirus pandemic.
The Los Angeles County Board of Supervisors approved a motion to establish the Los Angeles County COVID-19 Small Business Assistance Program. The partnership will provide funding for small businesses and nonprofits in L.A. County.
The county will initially fund the program with a $12 million investment. Private sector commitments include $15 million from Goldman Sachs; $1 million from the Wells Fargo Foundation; $100,000 from Citi Community Development; and $25,000 from Union Bank Foundation.
Goldman Sachs will also open a channel for $15 million of additional Paycheck Protection Program (PPP) loans targeting micro-enterprises and nonprofits via its Community Reinvestment Fund.
“Experience shows that the small business owner will likely sustain the highest level of economic injury during this health crisis, and will be the least likely to recover from sustained economic loss,” wrote Supervisor Mark Ridley-Thomas in the motion. “This represents a significant threat to the County’s economic wellbeing, as more than 90 percent of businesses in the County employ fewer than 20 workers.”