The city has extended – until Friday – the deadline for small businesses to apply for grants of up to $10,000 to stem the economic damage from the COVID-19 pandemic.
The $500,000 program, announced last week, provides two avenues for potential support for small businesses operating in Gloucester.
The first is for “micro-enterprise” businesses with five or fewer employees and a business owner whose household income is no more than 80% of the area median income. Those businesses could receive up to $10,000 in grant funding.
The second path is for businesses that show they can retain at least one low- to moderate-income employee with the assistance of the relief funding. Those businesses are eligible for a forgivable loan of up to $10,000. There is no limit on the number of employees for a business to be eligible.
The original deadline was May 13, but the city has been inundated with applications and extended the deadline to accommodate the interest.
Applications are available through an online link under the business resources section on the city’s official website, gloucester-ma.gov.. Applications also may be accessed at portal.neighborlysoftware.com/gloucesterma/Participant/Login.
To be eligible, applicants must show they have experienced a reduction of 50% or more in annual business revenues as a result of the COVID-19 pandemic. They also must be a for-profit business with less than $2 million in gross annual revenues and no outstanding tax liens or legal adjustments. They also must meet federal Department of Housing and Urban Development eligibility requirements.
The HUD eligibility requirements exclude a number of small businesses, including independent contractors, check-cashing agencies, gun shops, pawn shops, liquor stores, adult entertainment businesses, dollar stores and franchisees of national or regional chain businesses.
Contact Sean Horgan at 978-675-2714, or firstname.lastname@example.org. Follow him on Twitter at @SeanGDT