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County announces new money for small businesses affected by the COVID-19 pandemic

Money
Posted at 11:53 AM, May 19, 2020
and last updated 2020-05-19 20:44:31-04

KERN COUNTY, Calif. — The county has announced new money for small businesses affected by the COVID-19 pandemic.

Kern County Board of Supervisor approved the Kern Small Business Relief Program that would provide forgivable loans up to 4 months of average payroll or $75,000 to local businesses affected by COVID-19.

Among the businesses eligible for the program are restaurants, barbers, salons, sole proprietors and various small retailers that have less than 50 employees and $5 million in annual revenues..

The loans can be used on payroll, rent or mortgage, and general working capital needs, but must be spent within 16 weeks. The program does not require businesses to retain employees or employee compensation levels, unlike the Federal Payroll Protection Program.

The money is available through the CARES ACT fund given to the county.

Kern County officials plan to launch this program on May 26th, but the timeline may vary depending on planning and preparedness.

Details on how businesses can apply for this loan will be provided when the program launches.