September 8 – The September 30 deadline to apply for the Decatur Small Business Loan / Grant Assistance Program funded under the CARES Act is approaching.
This initiative expands the opportunity for local businesses affected by COVID-19 to apply for an interest-free loan of up to $ 20,000, with the possibility of the loan being forgiven in 12 months.
The city has $ 353,000 from the Coronavirus Economic Relief, Relief and Security Act (CARES) available for the program sponsored by the City of Decatur, the Decatur Morgan County Chamber of Commerce and the Decatur County Business Center. Morgan.
The funds can be used to cover administrative costs including: utilities, rent, mortgage or payroll payments.
Eligible businesses include restaurants, hotels, coffee shops, health clubs, and other retailers with fewer than 25 employees. The company must have been in operation for at least one year prior to March 13, 2020, the day Governor Kay Ivey issued the first state of emergency for COVID-19.
To qualify for assistance, the business owner or more than 51 percent of the employees must qualify for low or moderate income.
Small businesses can visit the city’s website, www.cityofdecatural.com, to request assistance or pick up a package at Decatur City Hall on Lee Street Northeast or at the chamber on Sixth Avenue Northeast. Businesses must complete and submit a W-9 form as part of the application process.
The packages will include a forgiveness provision in which if the company maintains the same number of employees after 12 months, the loan is forgiven.
For more information or questions, call the city’s Community Development Department at 256-341-4967.
– [email protected] or 256-340-2432. Twitter @DD_BayneHughes.