Los Angeles County is teaming up with numerous private-sector partners to establish its own COVID-19 Relief Fund to assist small businesses and non-profits in the county. The program appears to essentially be a county-specific version of the national payroll protection and loan programs.
I think this is an impressive partnership. While the Fed funded its national program largely through borrowing and is working with private-sector partners to execute it, this program appears to actually have some private-sector money actually funding it.
I wrote a few weeks ago about the impressive range of things government and private-sector partners are doing in Detroit. This story in LA gives another example of how our larger urban areas in the U.S. may give us some great examples, that hopefully will survive longer-term, of how we can all do so much more together than we can separately.
“Our small businesses and nonprofits are economically and culturally interwoven in the fabric that makes up Los Angeles County,” Ridley-Thomas said. “I am proud of Goldman Sachs, Wells Fargo Foundation, Citi, and our other private sector partners for joining with the County of Los Angeles to bring needed resources to our businesses, who are suffering great losses as we cope with this unprecedented pandemic.”