SAN DIEGO COUNTY, Calif .– Poway City Council on Thursday unanimously approved an emergency loan program for small businesses affected by the coronavirus pandemic.

The Poway Emergency Assistance Recovery Loans program sets aside up to $ 2 million in municipal funds for loans. A qualified candidate can receive between $ 5,000 and $ 50,000.

The loan funds could be used to cover payroll, lease or mortgage payments, utilities and accounts payable, depending on the city.

The program “works hand in hand with other programs,” including state or federal programs, said Craig Ruiz, administrator of economic development for Poway.

To be eligible for a loan, a local business must have been in existence for at least one year and have no more than 50 full-time employees.

The business must also be independently owned and operated and cannot receive assistance from a franchise business.

Repayment of the loan will begin 90 days after the local emergency is lifted, according to the city.

Applicants must be in good standing with the city and have a company certificate, Ruiz said. Illegal or home-based businesses are not eligible for a loan.

Mayor Steve Vaus described the loan as “a helping hand, not a handout. We hope to get it back.”

If the city can offer a lifeline for small businesses, “we have to do it and do it now,” Vaus said.

“Poway is remarkable for his ability to adapt in the face of challenges,” said Vaus.

The application process will begin on April 23 on a secure website, Ruiz said.

“We want to be able to promote this to our business community,” said Ruiz, who added that his department had contacted the chamber of commerce about it.

The start date will also give applicants a greater opportunity “to be on the front line” for consideration, Ruiz said.

At its regular meeting last week, the council passed a moratorium on business evictions in a bid to help those affected by the coronavirus. The moratorium will last until May 31.

San Diego city and county governments have also passed moratoria on evictions of residents and business owners, and local authorities have also launched several business assistance programs.