CITY OF ALLENTOWN: Small Business Stabilization Grants Available

By Press release submission

Apr 30, 2020

City of Allentown issued the following announcement on Apr 29.

The city of Allentown Department of Community & Economic Development is offering a $500,000 Small Business Stabilization Program.

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.

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

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’s residents to the maximum possible extent.

Funding for this program has been made possible through the US Department of Housing and Urban Development – CARES Act.

WHO IS ELIGIBLE:

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. Eligible businesses should:

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

2) have a demonstrated or projected reduction in monthly revenue of more than 25% as a result of COVID-19.

3) can demonstrate that grant funds will be used in promoting the interests of this program and of their business.

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

WHAT CAN GRANT FUNDS BE USED FOR:

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

Applications will be available on the city website www.allentownpa.gov on Friday, May 1.

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

Original source can be found here.