Throughout the past few months, many city-governments—including Atlanta’ s—have stewarded resources and small business funding given to them through the CARES Act. While all of the city grants were in the multi-millions, many programs were depleted within weeks. Consequently, the grants distributed through Invest Atlanta and the City of Atlanta were no different.
Fortunately, the tides have changed. In early August, Mayor Keisha Lance Bottoms announced the launch of a new small business grant program, the Resurgence Grant Fund. This fund is meant to help businesses tackle the costs associated with the negative impact of the COVID-19 outbreak.
What can potential applicants expect from this program, and how can they apply? Check out our takeaways from the recently announced Resurgence Grant Fund.
Made Possible by The Cares Act
The Resurgence Grant Fund is from the $88 million given to the City of Atlanta from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). While most of the funds are going to traditional small businesses, $22 million will be distributed to the city’s ATLStrong, creATL, and Strength in Beauty recovery programs. These additional initiatives are meant to offer targeted support to independent creatives and cosmetology professionals.
Winning Applicants Can Receive Up to $40,000
Eligible businesses can be awarded up to $40,000 in grant funding, and obtain a $10,000 credit for additional technical assistance. The $10,000 is meant to help businesses offset the cost of adapting their business operations to manage the response to the COVID-19 outbreak. Considering how many companies are now relying on credit cards and are running out of options for financing, this funding could be enough to help some businesses stay afloat, at least in the short-term.
Who is Eligible?
All businesses have to be active for-profit enterprises that operate within the City of Atlanta and hold a business license in the city. Companies also have to have been continuously in business since March 1, 2019 and have fewer than 250 employees.
In addition to these criteria, businesses also need to have documentation indicating interruptions resulting from the COVID-19 pandemic and related emergency declarations that have resulted in a financial loss. Therefore, applicants will need to provide profit and loss statements, summary payroll data, and itemized receipts that show expenses purchased due to coronavirus.
Deadlines and What Businesses Can Do to Prepare
Applications for the Resurgence Grant Fund opens August 10 and closes August 31, 2020. An independent committee will review completed applications after the cycle closes. Invest Atlanta has developed a variety of resources to help businesses understand the application process as well as the purpose of the Resurgence Grant Fund.
The organization has provided an overview of the program, FAQs, and technical assistance options. Additionally, on August 12, 2020, Invest Atlanta CEO, and president Dr. Eloisa Klementich hosted a webinar that provided more details about the Resurgence Grant Fund. The webinar and presentation slides can still be viewed on the grant page website.
A Way For Atlanta Businesses to Take Care of Immediate Expenses
As many business owners try to outlast the COVID-19 pandemic, efforts like this can keep small businesses steady. A recent study by the Proceedings of the National Academy of Sciences of the United States found that firms with monthly expenses more than $10,000 only had 15 days of cash on hand.
It also revealed that those with less than $10,000 in costs had one month of money to handle this interruption. For companies facing these situations in Atlanta, the Resurgence Grant Fund can give them a bit more financial breathing room to survive the pandemic.
For more information about eligibility and application details, be sure to visit investatlanta.com.
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