IE Business Daily Business news for the Inland Empire.
Perris has launched a program designed to help the city’s small businesses manage the COVID-19 crisis.
The Small Business Assistance Program, which the city council approved Tuesday, moves $300,000 from the Perris Restaurant Incentive Program into the new program, according to a statement on the city’s website.
Perris first provided help with money from the Coronavirus Aid, Relief and Economic Security [CARES] Act, which Congress passed and President Trump approved in March. But those funds ran out quickly, and funding from the second round of CARES relief approved last month isn’t expected to last long.
Loans from the small business assistance program will be limited to $10,000. Repayment will not be required if the business stays in Perris and remains in “good standing” with the city for at least two years following issuance of the loan.
The loans will be issued on a “first come, first served” basis. Eligibility will depend on several factors, including location, business license status, proof the business has been affected by COVID-19 and that it didn’t receive help from the CARES Act, according to the statement.
