Dear Coronado Business Community,
I am writing about a proposal by the City for a Local Business Lifeline Loan Program. It will be discussed and voted upon Tuesday, April 21st. Please read the description and provide your comments directly to the City (links provided below).
We are four weeks into a quarantine with a huge percentage of our businesses closed and some of our restaurants clinging to whatever revenue that can be generated by takeout food.
The initially attractive federal Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDLs) are out of money with few of our local merchants having received approval. More funding may be coming but everyone already in line must reapply.
To help our businesses, the City is proposing $20,000 loans, with 0% interest, for 60 months with the consideration of loan forgiveness depending upon circumstances. The entire program can be found in the Council agenda packet on page 159 Lifeline Loan Program.
This program is an unprecedented step to aid our small locally owned businesses. The City Council and City Manager need to hear the voices of our community to decide whether to fund this program.
Since you cannot comment in person at the City Council meeting because of the quarantine, please make your opinion known by utilizing this vehicle: Comments on Lifeline Loan. Select item 10d to comment.
In order to be included in the meeting, you MUST comment no later than 2:00 pm Tuesday, April 21. Sooner is better so that the City Council has the opportunity to read and understand all perspectives prior to the 4:00 pm meeting.
Thank you in advance for taking the time to make your voice heard.
Coronado Chamber of Commerce – Catalyst. Convener. Champion