The Greater San Fernando Valley Chamber of Commerce has started the Save Small Business Coalition to create a path for business continuity during the coronavirus pandemic.
The coalition seeks to create the COVID-19 Business and Employee Continuity and Recovery Fund that would form a framework to assist all impacted businesses regardless of size, industry or location.
The coalition is made up of chambers of commerce and other business groups from across the U.S., including the Calabasas, Simi Valley and Encino chambers. Other participating states include Indiana, Ohio, Nevada, Arizona, Oregon and Texas.
Greater San Fernando Valley Chamber Chief Executive Nancy Hoffman Vanyek said the recovery fund is the triage needed to save small businesses.
“It is meant to help businesses retain and rehire employees, maintain benefits and help cover operating expenses such as rent,” Vanyek said in a statement.
The fund is modeled after the 9/11 Victim Compensation Fund, created by Congress and which distributed about $7 billion to 97 percent of the families affected by the terrorist attacks.