On Monday, May 18, the City of Coronado will begin processing applications from Tier II businesses as part of their $2 million Lifeline Loan program, designed to offer support to local businesses impacted by the coronavirus crisis.
Approximately 270 Coronado businesses are classed as Tier II but, in order to be eligible, the business in question must pay sales tax to the state of California. For example, a service-based business like a hair salon or yoga studio would also need to sell products to customers, and collect sales tax on those items. Professional or personal services that do not sell any products are not eligible for this loan. For example, a real estate office that does not charge sales tax, would not be eligible.
Applicants must also provide documentation that their business has applied or tried to apply for federal COVID-19 related business assistance through the Economic Injury Disaster Loan (EIDL) or the Paycheck Protection Program (PPP).
Applicants can request up to a $15,000 loan have zero interest and sixty months to repay.
To date the City has paid out $985,000 in Tier I loans to over 60 local restaurants, retailers and hoteliers with admirable efficiency.
Application forms and envelopes are available from outside the Coronado Chamber of Commerce offices at 1125 Tenth St or you may print out your own application from the Chamber website: https://www.coronadochamber.com/lifeline-loan-application.html
Once completed, please return your paperwork to the Chamber via the door’s mail slot or USPS mail delivery. Applications will be logged and then passed to the City of Coronado offices for processing. If you have any questions, please contact Sue Gillingham at the Coronado Chamber on 619-435-9260 or Sue@CoronadoChamber.com.