Up to $20,000 in financial aid per small business now available
CATHEDRAL CITY – For the second time in a week, a Coachella Valley community is offering financial aid to those who own a small business in the community. Last week, it was Rancho Mirage. This week it’s Cathedral City.
In late 2020, the Federal Housing and Urban Development agency awarded Cathedral City an additional allocation of Community Development Block Grant funds through the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. Recognizing the difficult situation Cathedral City businesses are facing due to COVID-19, the City Council voted to create an economic assistance program for Cathedral City businesses. Currently, there is approximately $450,000 available for Cathedral City businesses.
Cathedral City businesses may qualify for financial assistance if they have been (i) impacted by COVID-19, (ii) maintain a physical presence within Cathedral City, and (iii) have less than 25 full-time equivalent employees. Priority will be given to restaurants, retail store and personal care businesses.
“The coronavirus has had a devastating impact on our small businesses,” Mayor Raymond Gregory said in a prepared statement. “These funds are geared to assist hair salons, barber shops, small gyms, restaurants, and other small mom and pop businesses that have suffered the most economically.”
Eligible Cathedral City businesses may choose one of two assistance programs. These options include:
- A micro-enterprise grant. A micro-enterprise is a business with five or fewer employees, including the owner. If selected, a micro-enterprise may be reimbursed up to $7,500 for eligible expenses.
- A physical-improvement focused forgivable loan. Forgivable Loans are for businesses with less than 25 or fewer full-time equivalent employees looking to make short term or permanent improvements so their business may operate in compliance with the State of California’s COVID-19 guidelines. These improvements may be indoors or outdoors. For qualified expenses, businesses may apply for up to $20,000.00 of reimbursement. To be eligible for forgiveness, the business must propose allowable reimbursements, comply with city’s quarterly reporting requirements, and meet all HUD requirements. More information is available on the application portal by checking here.
Cathedral City small businesses are encouraged to apply right away as funds are limited. For more information about this program, please contact the Small Business Assistance Program team at firstname.lastname@example.org.
- CARES Act: Shutterstock