The funds are allotted from the American Rescue Plan and are aimed to assist companies with a number of wants.
CONCORD, N.C. — The COVID-19 pandemic has hit small companies throughout the nation laborious. Cabarrus County leaders are actually allocating funds to assist companies within the county get well because of funds from the American Rescue Plan.
The county authorities studies a most of $5 million from the plan’s the State and Native Fiscal Restoration Funds will likely be used as a part of the Cabarrus Restoration Grant’s Small Enterprise Assist Program. Small companies within the county have till Oct. 15 to use for the funds, that are granted one time. The application is found online. Paper copies could be picked up on the county’s libraries, Human Companies Middle, Veteran Companies Workplace, Board of Elections Workplace, on the Senior Middle in Harmony, and on the County Supervisor’s Workplace contained in the Authorities Middle.
Small enterprise house owners can use the funds for payroll and profit prices, mortgage and lease funds, utility payments, working prices, and COVID-19 prevention or mitigation prices. These prices can embrace cleansing, testing, the set up of bodily limitations, and different associated requirements.
The companies should meet the next necessities:
- Have a location inside Cabarrus County that opened earlier than Jan. 1, 2020
- Function as a for-profit company
- Have an impartial proprietor/operator
- Make use of 50 or fewer employees
- Be capable of present a lack of income due to the virus
- Be in good standing with all native, state, and federal governments (i.e. being up-to-date with taxes)
- Present 2019 and 2020 federal tax returns with the appliance
- Meet the county’s vendor onboarding necessities
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Companies who’ve obtained earlier COVID-19 help, together with PPP loans, are eligible to use, however precedence could also be given to a enterprise that hasn’t but gotten such assist. Per federal necessities, ineligible companies embrace, however aren’t restricted to, non-profit companies, monetary companies primarily engaged in lending, pyramid sale distribution plans, and political organizations.
Since March 2020, Cabarrus County has already devoted $47.5 million to pandemic restoration efforts, starting from emergency rental and utility help to assist towards native nonprofits in want.