SAN FRANCISCO’S LOCAL ECONOMIC STIMULUS PACKAGE

The Mayor’s office has released a press release relating to a SF local economic stimulus package.

While we applaud these efforts – we hope that City Hall adds in a layer of accountability. While it’s nice to say all the nice things you will do for local businesses, it is equally important to track the progress of the programs be implemented. How many businesses are being assisted? What percent of procurement contracts are being awarded to local businesses? This is not an area the City Hall has historically managed well. But as Harvey Milk would say “You Gotta Give ‘Em Hope!” – Here’s hoping City Hall gets it . . .

and of course – it has to get past the Board of Supervisors – that should be interesting.

The updated strategy details, and in some cases expands, the City’s efforts to implement those key strategies. These implementation strategies both build on existing economic development programs and launch a number of major new initiatives, including:

• Granting local businesses a New Jobs Payroll Tax exemption for two years. Businesses will not have to pay payroll tax on any increase in non partnership payroll over 2008 levels for two years. This means new businesses coming to San Francisco in 2009 and 2010 will not pay any local payroll tax until 2011;

• Amending the City’s Public Works Code to further expedite billions of dollars of already funded local infrastructure projects and to make it easier for local companies to work on those projects;

• Directly providing over $23 million in no-interest loans to local businesses;

• Granting local businesses a tax credit on new, locally purchased equipment;

• Providing an offset for qualifying small businesses who are participating in Healthy SF;

• Launching a business assistance strategy specifically directed to Spanish-speaking businesses;

• Building on the success of “Homeless Connect” by launching a series of new “Job Connect” events that include job fairs and workforce assistance and counseling;

• Opening the a “one-stop” workforce center for the unemployed in the Western Addition;

• Expanding the City’s “Bank on San Francisco” program to include financial literacy;

• Expanding the scope of the “Working Families Tax Credit” program;

• Expanding the successful “Shop SF. Get More” and “Staycation” holiday marketing campaigns;

• Expanding the City’s successful Neighborhood Marketplace Initiative (“NMI”) and Community Benefit District (“CBD”) Programs to support even more neighborhood commercial corridors;

• Expanding the scope and reach of existing state and federal tax credit programs;

• and Providing free space to local artists in vacant storefronts.

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• Despite an Improving Economy, Citibank Survey Finds that Recession Lingers for Majority of California Small Businesses (eon.businesswire.com)

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