Baffled by the restrictions and sensing a race against the clock until they run out of cash or the program does, small businesses are scrambling to apply for government-backed loans to keep their companies afloat.
The requirements are especially confusing for venture-backed companies, many of which could be excluded from help under the original working of the $2 trillion stimulus package signed into law last week in response to the Covid-19 pandemic.
Coronavirus Updates: California Unemployment Claims at 1.9M; L.A. Amazon Worker Contracts Covid-19; Disney Initiates Furloughs
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- Amazon Warehouse Worker in L.A. Tests Positive, As Company Struggles with Covid-19
- USC Shows (and Ranks) L.A. Neighborhoods With COVID-19 Cases
- Gov. Newsom to small businesses: "Let's get ahead of the queue"
- L.A. County records 78 deaths, cases top 4,000
- Patrick Soon-Shiong wants to buy shuttered hospital, convert to COVID-19 command center
- Disney announces furloughs amid pandemic, but employees keep healthcare
These are scary times for investors and founders. A record bull market, more than a decade of ballooning valuations, and an ever expanding roster of venture capital deals of varying stripes all came to a screeching halt this month as the coronavirus pandemic spread across the world and brought the economy to a standstill.