{"id":100731,"date":"2020-04-29T14:40:12","date_gmt":"2020-04-29T18:40:12","guid":{"rendered":"http:\/\/www.thevalleyledger.com\/?p=100731"},"modified":"2020-04-29T14:40:12","modified_gmt":"2020-04-29T18:40:12","slug":"small-business-stabilization-grants-available","status":"publish","type":"post","link":"https:\/\/www.thevalleyledger.com\/?p=100731","title":{"rendered":"SMALL BUSINESS STABILIZATION GRANTS AVAILABLE"},"content":{"rendered":"

 <\/p>\n

The city of Allentown Department of Community & Economic Development is offering a $500,000 Small Business Stabilization Program.<\/p>\n

Through this program, grants of up to $5,000 will be offered to neighborhood businesses that are suffering financially as a result of the COVID-19 pandemic.<\/p>\n

The primary objective of the program is to help neighborhood businesses survive this health crisis and assist employers with emergency cash flow needs.<\/p>\n

The program intent is to help retain and continue to pay small neighborhood business employees where possible and to continue to provide goods and services to Allentown\u2019s residents to the maximum possible extent.<\/p>\n

Funding for this program has been made possible through the US Department of Housing and Urban Development \u2013 CARES Act.<\/p>\n

WHO IS ELIGIBLE:<\/p>\n

This program is intended for City-licensed neighborhood businesses located in the City of Allentown, with strong preference for businesses owned and operated by city residents.\u00a0\u00a0 Eligible businesses should:<\/p>\n

1) have under $1,000,000 in most recently reported annual gross revenue.\u00a0 (Note:\u00a0 No less than 50% of total grant funds awarded will be directed to businesses with annual gross revenue of $500,000 or less).<\/p>\n

2) have a demonstrated or projected reduction in monthly revenue of more than 25% as a result of COVID-19.<\/p>\n

3) can demonstrate that grant funds will be used in promoting the interests of this program and of their business.<\/p>\n

(Note:\u00a0 This program can be used in conjunction with an SBA loan or grant as long as it does not duplicate coverage of expenses.\u00a0 Preference may be given, however, to small businesses for whom the SBA loan processes may not be practical.)<\/p>\n

WHAT CAN GRANT FUNDS BE USED FOR:<\/p>\n

Grant funds are intended to provide emergency operating funds for neighborhood businesses that are closed or have had their foot traffic significantly reduced.\u00a0 Eligible activities include rental or mortgage payments, utilities, payroll, real estate taxes, and outstanding vendor invoices.<\/p>\n

Applications will be available on the city website www.allentownpa.gov<\/a> on Friday, May 1.<\/p>\n

The city intends to direct the funds to the small businesses that likely were passed over by the larger SBA programs.\u00a0 Applications will be reviewed, and funds awarded on a first come, first serve basis.<\/p>\n

 
\nInformation provided to TVL by:
\nMike Moore
\nCommunications Manager
\nMayor’s Office
\n 435 Hamilton Street
\n Allentown, PA 18101
\n Mike.Moore@allentownpa.gov
\nhttp:\/\/www.AllentownPA.gov
\n 
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