Two new programs approved to help South Lake Tahoe small businesses

SOUTH LAKE TAHOE, Calif. - The South Lake Tahoe City Council approved two programs during their meeting on Tuesday, both to help small businesses in the city limits as well as helping locals spending money locally.

The approved $75,000 to be used for the purchase of bonus gift cards with the Tahoe Chamber. While a person purchases gift cards for use at local businesses they get a bonus gift card paid through the City's funding.

Not all businesses need to be Chamber members but they do need to sign up with them. Exact details on how to participate as a business owner will be coming soon. There are two requirements so far - be able to accept MasterCard and be a small business located within the city limits.

Once the Chamber receives the funds from the City, the gift card program will include a bonus offer:

· $25 gift card purchase, get a $10 bonus card
· $50 gift card purchase, get a $20 bonus card
· $100 gift card purchase, get a $40 bonus card

There will be a limit of four bonus cards per purchaser and there will a set expiration date (to be determined) on them with no expiration date on the purchased gift cards. The goal is to get that money spent in our community as quick as possible. If there is 100 percent redemption on this program that would turn the $75,000 from the City into about $239k for our businesses, explained Emily Abernathy of the Tahoe Chamber. She said if even a 70 percent redemption rate there would be a boost of about $167,000 into the economy.

"This is just one more way the City is showing its commitment to small businesses in our area," said Mayor Tamara Wallace, "The need is great in South Lake Tahoe right now, and the City is committed to finding creative ways to help meet those needs."

The City's money will go toward the incentive bonus card program, fees for the program, and signage for participating businesses. To find a list of participating businesses to date, and to purchase cards, visit here.

"We salute the City's support for this program and small businesses in South Lake Tahoe," said Tahoe Chamber CEO Steve Teshara, "We know our community needs help right now and this money will be a vital part of that effort."

The City Council's second vote approved $700,000 for a new small business/non-profit loan program. The program will give out up to $15,000 per business, depending on the organization's size and available funds.

"This program is crucial in helping out the backbone of our community during a very critical time," said City Manager Joe Irvin, "People need assistance right now. The City is stepping up in every way we can to provide it."

Applications must be submitted by January 15, 2021 to be considered during the first review. Organizations must comply with all state and local requirements or face immediate repayment of the loan. For details on the program and how to apply, click here.

To apply the business needs to show hardship due to the COVID-19 pandemic and its
related Public Health Orders, such as a closure and resultant loss in revenue. those receiving the loan are required to comply with all state, county and local requirements regarding COVID-19 regulations; otherwise, they will be required to repay the loan immediately following the verification of a violation of state, county and/or local requirements.

Since the beginning of the pandemic, City Council has started several programs to help our City get through this difficult time. Through charitable donations, PPE reimbursement programs, and small business assistance loans, City Council has allocated $1.225 million in assistance.

"Our City is committed to helping everyone navigate the COVID-19 pandemic," said Mayor Wallace, "This crisis is ongoing, and the need is constantly changing. Since the beginning, this City has been keenly aware of the specific needs of our community and adapted to help in any way we can."