Dublin Doles Out $520K In Business Loans Amid Coronavirus

Pleasanton CA

29 July, 2020

8:11 PM

Description

DUBLIN, CA — The city issued nearly $520,000 in microloans to 65 local businesses through its Dublin Small Business Emergency Microloan Program. Those 65 business employed nearly 700 people at the start of the pandemic, the city said on its site. Funds were used to help businesses pay rent, payroll and other expenses. Here's how the loans were distributed: 42 restaurants ($390,000)7 retailers ($52,000)16 personal services/other businesses ($77,000)The program, which is no longer accepting applications, received 141 applications with requests totaling $1.4 million. A third of the loan will be forgiven for each year the business remains in operation. If the business survives three years, the loan will be forgiven, the city said. The loan could also be forgiven if the business produces sales tax equivalent to the amount of the loan. Learn more about the program here.