The rapid spread of COVID-19, or the novel coronavirus, hit small business owners around the country very hard, forcing many to shut down their brick-and-mortar storefronts under stay-at-home orders, closing down all “non-essential” businesses until the viral outbreak is properly contained. The government passed a stimulus package with the goal of helping those impacted, including funding for small business owners, but the rollout hasn’t been enough to quell the damage. Now the new grants will become available for entrepreneurs under the CARES Act.
In March, President Donald Trump signed the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law, which would provide the Department of Economic Development Administration (EDA) with $1.5 billion, most of it being reserved for grantmaking. The remaining funds will be transferred to cover salaries, expenses, and oversight activities.
The U.S. Secretary of Commerce Wilbur Ross announced that the EDA is now accepting applications from eligible grantees of the CARES Act to provide funding to help communities prevent, prepare for, and respond to coronavirus.
“President Trump is working tirelessly to make sure Americans stay safe during this crisis and that our economy is loaded to spring back when this global scourge recedes,” said Ross in a press statement. “EDA CARES Act Recovery Assistance funds will support the long-term recovery of communities across the nation that have been impacted by the coronavirus pandemic.”
EDA will make CARES Act Recovery Assistance grants under the authority of the Economic Adjustment Assistance (EAA) program intended to be more flexible and responsive to the economic development needs and priorities of stakeholders.
“EDA’s CARES Act Recovery Assistance is designed to provide a wide-range of financial assistance to communities and regions as they respond to and recover from the impacts of this pandemic,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “We intend to deploy our CARES Act funding as quickly, effectively, and efficiently as possible, and in a manner that meets the needs of our communities.