LOUISVILLE ANNOUNCES SMALL BUSINESS COVID-19 RELIEF GRANTS
A new grant program for Louisville small businesses impacted by COVID-19 will begin accepting applications on July 1, 2020. The program includes $21 million in federal CARES Act funds that will be dispersed in grants of up to $50,000 to eligible small businesses in Jefferson County. GLI voiced support for this new grant program, which was passed by Metro Council last week as part of the city’s FY2021 operating budget.
The summary information below was updated on June 30 at 3:21pm.
The Small Business COVID-19 Relief Grants program is designed to help prevent business closures caused by the COVID-19 pandemic. Businesses meeting the following criteria will be eligible for a grant:
- Businesses with 20 employees or fewer as of March 16, 2020
- Non-retail businesses with 50 employees or fewer that have remained closed or whose business activity have been severely restricted under state executive order dated March 25, 2020
- Businesses that have been negatively impacted by the COVID-19 pandemic
- Businesses must be located in Louisville/Jefferson County
- Businesses must be in good standing with Louisville Metro Revenue Commission
- Business must be in “active” standing with Kentucky Secretary of State
Industries of focus include retail (including direct services), food service, arts & entertainment, recreation, and childcare. At least 50 percent of the funds will be spent in low-to-moderate income census tracts.
USE OF FUNDS
The funds may only be used for the following business expenses:
- Lease/mortgage assistance
- Fixed cost support – to include debt service (interest only), business insurance, other fixed costs
- Technology for online platform to allow online sales
Funds must be spent and accounted for by December 30, 2020. Funds will be released in up to three batches (every two months), with recipients required to submit reports with backup documentation showing all payments made for payroll, utilities, lease or mortgage, and fixed costs prior to release of second and third payouts. If a business received funding from the U.S. Small Business Administration’s PPP and/or EIDL programs, they cannot claim funds to be used for the same expenditures.
HOW TO APPLY
Get the most current information and application details on Louisville Forward’s website. Supporting documentation will include:
- Documentation demonstrating negative impact of COVID-19 to your business
- 2019 tax return, personal and business
- Current record of financial condition of the business, including a profit & loss statement and balance sheet
- Proposed six-month budget for use of funds
- Louisville Metro Revenue Commission business number
- Proof of ownership of business, including any disadvantaged status (certification not required)