$100 million "Revive Alabama" grant fund announced for small businesses - Bham Now

$100 million "Revive Alabama" grant fund announced for small businesses - Bham Now


$100 million "Revive Alabama" grant fund announced for small businesses - Bham Now

Posted: 11 Jul 2020 07:34 AM PDT

The grant fund is controlled by the Alabama Dept. of Revenue. Photo via Governor Kay Ivey on Facebook

This week, Governor Kay Ivey announced a "Revive Alabama" grant program to support small businesses in Alabama that have been impacted by COVID-19. $100 million is up for grabs. Get all the details here.

What's the goal?

Graphic via Revive AL

We all know small businesses have been hit hard by COVID-19. A new statewide grant fund, Revive Alabama, aims to reimburse small businesses up to a combined $100 million for expenses they have incurred due to operational interruptions caused by the pandemic and related business closures.

"In many ways, our small businesses were hit the hardest from the coronavirus pandemic.

Ensuring these owners have every opportunity to recoup expenses incurred due to the disruption of business is essential to getting our economy roaring once again."

Alabama Governor Kay Ivey

Why $100 million?

Alabama received approximately $1.9 billion of CARES Act funding to respond to the coronavirus pandemic. The first chunk of that—up to $300 million—was designated for individuals, businesses, non-profit and faith-based organizations.

This next act, controlled by the Alabama Department of Revenue (ALDOR), aims to help alleviate some of the financial stress small businesses have been under in an effort to give Alabama's economy a boost.

How can you apply?

Stanley Stevenson, with his newfound full-time entrepreneur status, will soon upgrade his nights and weekend package with Forge to the 24/7 access package, so he's able to work from the downtown co-working space anytime.
Local coworking spaces like Forge are hotspots for small businesses and entrepreneurs. Photo via Christine Hull for Bham Now

Applications will open at noon on July 16 and close at midnight on July 25. Here's how to access the application:

  • Log into your My Alabama Taxes (MAT) account.
  • Click the 'Apply for a Revive Alabama Small Business Grant' link in the "I Want To" section at the top right.
  • Complete and submit your application by July 25.

There is no set cap on the number of businesses that may be awarded a Revive Alabama Small Business Grant. ALDOR claims that grants will be awarded to qualifying applicants on a first-come-first-served basis until the funds are exhausted.

Are you eligible?

You can access a full list of eligibility requirements at this link. Here were a few that stood out. In order to qualify, a small business must verify that it:

  • Is a resident of this state with a permanent place of business located in this state.
  • Had no more than 19 full-time equivalent employees as of March 1, 2020.
  • Is not a subsidiary of or owned by a business with more than 50 full-time equivalent employees, or part of a larger business enterprise with more than 50 full-time equivalent employees.
  • Had gross revenues that did not exceed $5,000,000 for the 2019 tax year.

Where else can you get help?

There's no question our Magic City remains #BhamStrong. Photo by Matthew Niblett for Bham Now

Qualifying businesses may receive up to $15,000 to reimburse COVID-19 related expenses if they have not received federal assistance for the corresponding item they are claiming with the state of Alabama.

If you're looking for more assistance, check out these local resources:

  • Bham Now is always trying to promote small biz support, which is why we created a local database where business can be featured on our site for free! Sign up yours today.
  • Create Birmingham is another awesome resource spotlighting and celebrating local businesses from tech companies to the arts.
  • Be Bham is Birmingham's newest platform and a 20-week program, "designed to empower Black entrepreneurs with the business knowledge, encouragement, social networks and resources needed to be competitive in Birmingham's changing and expanding marketplace."
  • Bham Strong has been vital in strengthening small businesses during COVID-19 including offering loans, resources and more.
  • The Birmingham Business Alliance has always offered help to local businesses and been especially vital during COVID-19.

This grant comes just in time for small business week 2020. Check out how you can celebrate right here in Birmingham.

Support local, Birmingham! As always, stay tuned to Bham Now to find out how.

Funds run out for federal business grant program, SBA says - Newsday

Posted: 12 Jul 2020 03:05 PM PDT

Federal grant funds have run out for small businesses, farms and nonprofits trying to survive the coronavirus pandemic, officials said Sunday.

The Economic Injury Disaster Loan Advance Program has exhausted the $20 billion authorized by Congress, the U.S. Small Business Administration announced. As a result, the agency has stopped taking applications for Advance grants, which are up to $10,000 per applicant and do not have to be repaid.

However, SBA continues to accept applications for the companion program, Economic Injury Disaster Loans, or EIDL. To apply, go to covid19relief.sba.gov/#/

EIDL loans are for up to $2 million from the U.S. Department of Treasury with interest rates of 3.75% for small businesses and farms, and 2.75% for nonprofits. The loan term is up to 30 years.

SBA administrator Jovita Carranza announced Sunday that nearly 6 million employers received Advance grants and, as a group, they employ 30.5 million people. The grants went to employers with 500 or fewer employees.

In New York State, 392,366 employers received a total of more than $1.1 billion in Advance grants as of July 3. That's the fifth most after California, Florida, Texas and Illinois, according to SBA. Data for Long Island hasn't been released.

The Advance grants are "unprecedented" because Congress created them in response to the shutdown of all nonessential activity to slow the coronavirus' spread, Carranza said on Sunday. The EIDL, in contrast, has been around for decades, helping businesses to recover from disasters such as superstorm Sandy in October 2012.

In April, Congress added more funding for Advance grants and could do so again. But in the meantime, the SBA cannot issue new grants, Carranza said.

The popularity of Advance grants contributed to the SBA suspending the application process for about two months to process more than 5 million applications received in a couple of weeks in the spring.

In May, the agency resumed taking grant applications but only from farmers. It started again to take grant and loan forms from small businesses and nonprofits last month.

LIVE – APPLY NOW: Small Business Grant Program Accepting Applications - CW39

Posted: 13 Jul 2020 06:58 AM PDT

Posted: Updated:

The announcement was popular on our website and now, the day is finally here!

This morning at 8am, the highly anticipated Harris County website (HarrisCounty-SBRFund.org), launching the $30 million Harris County Small Business Relief Fund (SBRF) officially opened.

Harris County, in partnership with Houston Business Development Inc. (HBDI) launched the application process for local businesses that need support during the pandemic.

The SBRF is a grant program that's designed to assist the most vulnerable Harris County small- and micro-enterprises (businesses with 30 or fewer employees) impacted by the pandemic with mounting financial burdens. The SBRF will provide eligible businesses a grant of up to $25,000 to help cover payroll costs, rent, accounts payable and other operating expenses. Application acceptance will not be first-come, first-serve, and will be determined through a randomization process.

Online applications are being accepted via readyharris.org now and the application process will remain open until July 24, 2020 at 3:30 p.m.

The fund was unanimously approved by Commissioners Court by a vote of 5-0 on June 30.   

Still have questions?

Today at 10:00 a.m. at the Harris County Office of Emergency Management (Transtar) Judge Lina Hidalgo, along with Commissioners Adrian Garcia and Rodney Ellis, and Harris County Recovery Czar Armando Walle will hold a press conference discuss the program's details, who's eligible, as well as how to apply. Representatives from the program administrator, HBDI, will be available to answer questions.

Application Process Details For Now

  • Applications can be submitted online starting Monday, July 10th at 8 a.m. and will remain open until July 24th at 3:30 p.m. 
  • Website for applications is located at readyharris.org or HarrisCounty-SBRFund.org

Discover CW39 Houston on YouTube, Instagram, Twitter and Facebook.

Small businesses starting to see $10,000 grants through Orange County CARES Act - WKMG News 6 & ClickOrlando

Posted: 08 Jul 2020 04:03 PM PDT

ORANGE COUNTY, Fla. – More than 1,700 small businesses in Orange County are getting their checks for $10,000 through Orange County's Small Business Grant Program funded by federal CARES Act funding given to the county.

One of those businesses is Lake Avenue Nails in Maitland, owned by Dung Le, also known as Lee to his customers.

"Thank God I got a check for $10,000," he said Wednesday. "Yesterday we went to the bank, we put the deposit and I told the bank teller, 'Yes, I'm so excited.'"

The county began the program in June, allocating $72.9 million to give 6,500 businesses a $10,000 dollar grant. Originally, it was only available to businesses with less than 20 employees that didn't receive any money on their own through the Payroll Protection Program. Because demand wasn't as high, the county changed the criteria to allow business owners with less than 100 employees, and who have received $50,000 or less in PPP.

"Those were the folks we wanted to make sure got taken care of," said Eric Ushkowitz, Orange County's economic development administrator and program manager for the Small Business Grant Program.

However, the latest data shows of the 6,723 businesses that have applied, more than half are getting denied. According to Orange County, so far 3,150 have been denied. That is 55% of the applications getting denied.

"The documentation just isn't in order, a lot of folks maybe don't realize they need a municipal business tax receipt, so we are seeing an influx in that," Ushkowitz said.

He also added home-based businesses are having some trouble with applying and that county staff are going back and working with businesses who have been denied to get whatever documents they may have missed.

"We've done a really good job with the teams we work with from denials to approval," Ushkowitz added. "We would love for folks to continue to apply."

If you are a business owner in Orange County with less than 100 employees and received less than $50,000 in PPP money then you can find the documents required and apply here.

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