Whereas retailers hope to reap much-needed revenue throughout the vacation buying season, the Morris County Board of County Commissioners introduced this week it would dedicate $5 million in American Rescue Plan Act funds for a small-business restoration grant program.
This system is designed to supply grants of as much as $15,000 to reimburse small companies, entrepreneurs and nonprofit organizations for particular pandemic restoration bills incurred on or after the March 3, 2021 timeline established below the federal ARPA.
“Small companies will not be solely very important to our financial system however they’re a key a part of the distinctive identification of each city,” mentioned Commissioner John Krickus, who helped to develop this system by way of the fee’s COVID-19 Strategic Planning Advisory Committee.
The appliance course of might be introduced after program particulars are finalized and this system is formally launched.
This system is accessible to companies with 25 or fewer full-time staff with eligibility necessities together with:
- In operation since Jan. 1, 2019
- Situated inside Morris County
- Lower than $5 million in gross sales/income
- Proof of a decline in gross sales/elevated bills as a result of COVID-19 pandemic
The Morris County Chamber of Commerce will coordinate outreach to doubtlessly eligible companies, together with entities that won’t have historically sought authorities grant funding previously.
“Small companies within the county have been hit significantly arduous by the pandemic and its lingering results,” mentioned chamber President and CEO Meghan Hunscher. “Not like bigger firms, that they had much less margin for absorbing the income losses and prices required for reopening. On the identical time, they’ve made each effort to maintain their staff working whereas fulfilling the wants of their prospects.”
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The commissioners additionally adopted a decision urging Morris County residents to watch “Small Enterprise Saturday” by buying domestically on Saturday.
Regardless of the pandemic impacts, U.S. customers reported spending a file excessive complete of $19.8 billion at impartial retailers and eating places on Small Enterprise Saturday in 2020, Hunscher mentioned.
William Westhoven is a neighborhood reporter for DailyRecord.com. For limitless entry to crucial information out of your area people, please subscribe or activate your digital account today.