Struggling small businesses impacted by COVID-19 are encouraged to apply for the City’s new $1 million COVID-19 Small Business Financial Aid Program which the City Council officially approved the program at their last meeting on January 28.
Qualifying businesses will be provided with a zero percent $10,000 loan that will be forgiven if the business stays open for at least six months.
Palm Springs Mayor Christy Holstege said, “City Council listened to the input from our Business Transition and Re-Entry Task Force which made the recommendation to do this program to help small companies that have been so adversely impacted by the pandemic. They wanted us to focus on forgivable loans because no one wants more debt these days, they have too much already.”
“A million dollars is a big statement about how much we care about small businesses in Palm Springs,” added Holstege. “It’s important that we invest in these companies that are the lifeblood of our economy and generate significant tax revenue at a challenging time for all of us. So, I think this is a good investment that will generate much more revenue than we are investing now.”
Businesses must meet the following criteria in order to be considered:
- Must be independently owned
- Must demonstrate hardship due to COVID-19
- Must not have more than 25 full-time employees
- Must have a business license in Palm Springs as of May 1, 2020
- Must be in good standing with the City of Palm Springs and complied with all COVID restrictions
Priority will be provided to small businesses that have been closed the longest and that have one to five full-time employees. Financial assistance will not be on a first come, first served basis.
Businesses with six to 25 employees will be reviewed on the basis of what type of business they operate and whether they have received other financial aid assistance.
For more information and to download the application in English or Spanish, visit www.palmspringsca.gov/covidbizhelp.