Though the Coronavirus is impacting every aspect of life as we know it, it’s safe to say that one of the biggest threats it poses is to our economy. Local businesses have been struggling to stay afloat in light of recent closures, making it absolutely imperative for some sort of economic aid to be provided.
Thankfully, Mayor Kevin Faulconer is on the case. He recently announced a $4 million economic relief package for struggling local businesses adversely affected by the pandemic. San Diego will work with local financial institutions to establish a relief fund with zero-interest loans, starting at $4 million, but expected to grow.
Apart from the much-needed funds, programs to delay payments of business tax certificates and associated fees for 120 days, suspend water billing fees and late payment penalties to prevent commercial account shutoffs, and to extend all building permits for 180 days are also coming into play to protect local businesses.
Though this isn’t an egregiously large package of money — nor is it a free handout — it’s an effective and smart way to help protect our local economy when times are tough. These crucial policy measures are a great display of leadership on Faulconer’s part, and are exactly what San Diegans need to get through these difficult times.