Our mission is to advance the economic vitality of greater Irvine.
Our core initiatives are to be a catalyst for local economic growth, champion for the business community with all levels of government, and to convene greater Irvine stakeholders.
(Politico) The House passed legislation in a nearly unanimous vote that would relax restrictions on emergency government-backed loans designed to avoid mass layoffs at small businesses, a major restructuring of the popular aid program. The bill the House approved in a 417-1 vote would give borrowers under the $670 billion Paycheck Protection Program more leeway in how they can use the funds and still have the loans forgiven in exchange for maintaining their payrolls. The forgiveness element was a key incentive Congress created for small businesses to take on the debt and keep paying workers during the pandemic. In the weeks since the program's launch, many employers have complained that restrictions imposed on the money threatened their ability to secure loan forgiveness, since many are more burdened by overhead costs than payroll. The legislation, sponsored by Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Texas), would give businesses seeking full loan forgiveness more time to spend the money — 24 weeks instead of eight — and lower the minimum amount that must be spent on payroll to 60% instead of 75%. "This will give America's small businesses the flexibility to ensure they at least have a chance to survive," said Rep. Steve Chabot of Ohio, th...
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(Orange County Business Journal) City of Hope’s plans for building a comprehensive cancer center at Irvine’s Great Park Neighborhoods took a big step forward after it completed the acquisition of property at the city’s FivePoint Gateway office campus. City of Hope, a research and treatment center for cancer, diabetes, and other life-threatening diseases with its main campus in Duarte, bought a 190,000 square foot, four-story building at the Irvine site, and 11 acres of adjacent land. A deal had been in the works for over a year. The final price comes out to $108 million, according to Irvine’s FivePoint Holdings LLC, the master developer of the Great Park Neighborhoods. It’s the largest reported real estate deal completed in Orange County this year. City of Hope expects to ultimately invest about $1 billion into the Irvine campus, which will include a comprehensive cancer center at the existing building it bought, as well as a future acute care cancer hospital and other facilities. The cancer center plans “to offer diagnostic imaging and screenings, precision medicine and early detection, medical oncology, chemotherapy, radiation therapy, surgical oncology, and ambulatory surgery,” according to a statement. It will also hold a clinical research center. The adjacent hospital, yet to be built, will b...
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(LA Times) Gov. Gavin Newsom on May 27 said his administration will release guidelines “in a week or so” for allowing gyms, yoga studios, and other fitness facilities to reopen, though stringent safeguards will need to be adopted to protect customers from the COVID-19 pandemic. Newsom cautioned that the state directives will be tailored to the unique characteristics of each business, from large fitness chains to small studios, and will rely heavily on the advice of public health officials in each county. The governor made the comments during an online roundtable with fitness professionals and business owners, saying he hopes to allow them to be back in business as soon as possible. “We also recognize your sector is multifaceted and we don’t want to be naive and just put out something that’s bland and that doesn’t meet your unique criteria and your unique considerations,” Newsom said. The news comes as Dr. Sara Cody, Santa Clara County’s public health officer who was a key figure in crafting the San Francisco Bay Area’s shelter-in-place order, the first of its kind in the U.S., said she was concerned with the Newsom administration’s decision to allow gatherings of up to 100 people for religious, cultural or political reasons and the “increased frequency&rdquo...
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At a special meeting on May 29, the Irvine City Council voted to establish a program to provide financial support to small businesses impacted by COVID-19. Funding for the Local Business Support Program comes from a $5 million grant from the County of Orange, through the federally approved CARES Act. Orange County Supervisor Don Wagner presented the $5 million check to the Council at Friday’s meeting – only a couple of days after the County approved the funding. The program will allow Irvine-based businesses that meet the following criteria to apply for one-time grants of $10,000. To qualify, businesses must: Have 25 or fewer employees, Have an active Irvine business license at the minimum of one year, Demonstrate a financial impact due to COVID-19, and Have reopened or is ready to reopen, meeting guidelines from the Centers for Disease Control, the State, and Orange County. An estimated 500 businesses will be able to receive relief funds. Sixty percent ($3 million) of the $5 million City allocation will be directed to businesses that generate taxable retail sales. The other forty percent ($2 million) will be available to other small businesses with 25 or fewer employees. “I frequently hear from businesses in the community that need help today, with payroll...
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