Poway Emergency Assistance Recovery Loan (PEARL) Program

Application Process

  1. Read program overview & eligibility criteria below.
  2. Gather your information.
  3. Start application and upload documents (link at bottom of page).
  4. The City will review your application and respond to you promptly.

Overview & Objectives

To mitigate the impact of COVID-19 on Poway small businesses and their employees, the City of Poway has committed up to $2 million in one-time funds from the City’s General Fund’s Extreme Events/Public Safety reserve to create a Poway Emergency Assistance Recovery Loan (PEARL) Program. The objective of this program is to quickly offer financial assistance to independently owned and operated small businesses within the City of Poway to aid in maintaining their business and workforce.

Program Overview

  1. $2 million in total funding
  2. Loan amount ranges between $5,000 and $50,000.
  3. Business must be independently owned and operated small businesses located in the City of Poway with no more than 50 full-time employees as of the City’s emergency declaration dated March 18, 2020.
  4. Loan funds may only be used to cover the following items: payroll, lease or mortgage payments, utilities and accounts payable for business premises located in Poway.
  5. No interest shall be due for 90 days following the date on which the City Council of the City of Poway declares the ongoing state of local emergency relating to the COVID-19 pandemic no longer required and the emergency has ended. Interest shall accrue 3% interest annually thereafter; all loans due within 3 years of the end of the declared local emergency. 
  6. Loans will be awarded on a first-come, first-served basis for qualified applicants. All loans are approved by the City Manager, and all decisions are final.

Eligibility Criteria

  1. The business’ primary location and operation must be within the City of Poway.
  2. The business was in operation and had a City of Poway Business Certificate as of March 18, 2019.
  3. The business is independently owned.
  4. The business has at least one and no more than 50 full-time employees as of March 18, 2020.
  5. The business is not in arrears with rent or mortgage payments as of March 1, 2020.
  6. The business is in good standing with the City of Poway.
  7. The business shall provide proof of economic hardship as a result of the COVID-19 pandemic.
  8. The business does not have any code violations or outstanding judgments with the City of Poway. 
  9. The business has no outstanding judgments, tax liens, pending lawsuits. The business owners have not been convicted of a criminal offense. 
  10. The business or owner has no delinquency on federal taxes or a federally guaranteed loan.
  11. There has been no suspension or debarment from contracting with the federal government or receiving federal funds.

Ineligible Businesses

  1. Illegal businesses
  2. Home-based businesses
  3. Non-profit businesses
  4. Business or owner that has filed for bankruptcy, insolvency proceedings within the past 5 years
  5. Owners who work or have a spouse or member of the household who works for the City of Poway

Other Government Assistance

Should a loan recipient apply and receive other government assistance (not including the Federal Paycheck Protection Program), their application should include the outstanding balance of their City loan so that the City can be repaid upon receipt of additional financial assistance.

Use of Funds Declaration

Loan recipients will be required to affirmatively declare that any loan funds received from the City will be used to the benefit of the business physically located in Poway (some Poway based businesses have satellite locations in other jurisdictions).

Additional Resources

Please visit "Tools for Business" on the city’s Economic Development page.

Application and Funding Process  

Applications will be available April 23, 2020 at 12 p.m.

Application Requirements

  1. Loan application 
  2. Business and personal tax returns – 2 years if applicable
  3. Interim business financial statement
  4. Personal financial statement
  5. Bank statements – 3 months
  6. Itemized budget for funds requested
  7. There is no credit minimum, however the principal business owner(s) must have reasonable and responsible personal credit history and an acceptable explanation for any derogatory marks.
  8. Businesses must show that historical profits would have been sufficient to service the requested debt and that they have been impacted by the COVID-19 outbreak