Many states, cities, and towns are trying to figure out how to help their nonprofits and small businesses to survive and recover from the economic carnage of the COVID-19 pandemic. So many people all across the country are struggling, and over 100,000 small businesses have already been shuttered, the results of which could be absolutely devasting for Americans around the country.
Small Business Relief To Try And Aid In Economic Recovery
In Houston, Texas Mayor Sylvester Turner has announced the opening of a small-businesses grant program, which will allow for small businesses to apply for up to 50K in funding to help them sustain operations. This grant program opens applications on Wednesday, August 19th, at 8:00, and is funded with $15 million in CARES Act funds. This program “will provide immediate and short term assistance to small businesses and chambers of commerce that have been impacted by the pandemic”.
Some of the requirements for this grant program are:
- Must be a business whose principal place of business is located in Houston
- Must have been in business for at least one (1) year as of March 1, 2020
- Must provide evidence of how revenue has suffered due to COVID-19 pandemic related issues
- Cannot have made more than $2M in revenue
- Must be in good standing according to the City of Houston
- Must commit to completing the Recovery and Resiliency component of this program
The Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed as bipartisan legislation and signed into law by President Donald Trump in March in order to help the country to survive the massive impacts caused by the COVID-19 pandemic, and was one of a few different pieces of legislation passed for that aim. It included billions of dollars allocated for states to aid in economic recovery, direct payments to individuals and families, small business loans, and several other items.
Congress is currently trying to come to an agreement on new legislation to send more direct payments, more funding for states, as well as an extension of unemployment benefits.