Last week, Governor Newsom announced that $250 million from the American Rescue Plan will be allocated to California ports, like the Port of San Francisco, to aid in economic recovery efforts due to revenue loss from the COVID-19 pandemic. Funding is expected in Fall 2021.
Pre-pandemic, the Port welcomed over 24 million visitors annually and supported 10,000 jobs and $1.2 billion in wages. During the pandemic, despite revenue loss, the Port has continued to support its tenants through rent relief, loan, and outdoor dining programs.
Although the exact allocation is to be determined and approved by the state legislature, stimulus funding announced last week could provide vital support to avoid layoffs, reimburse rent relief efforts, and restore capital maintenance projects - all critical to the Port's long-term recovery.
