DAVENPORT, Iowa — Small businesses who have been negatively impacted by COVID-19 may be eligible for forgivable loans made available through the Coronavirus Aid, Relief, and Economic Security Act.
Money from the CARES Act, which was signed into law by President Donald Trump on March 27, funded the Community Development Block grant and starting in October of 2020, $900,000 will be made available to struggling businesses through the Small Business Resiliency Project.
Businesses may be eligible if they:
- Employ up to 50 full-time equivalent workers
- Have been established in Davenport for at least one year before March 2020
- Are in good standing on all local taxes, licenses, and permitting
- Are not already getting reimbursement or funding from another relief program for the same items the Small Business Resiliency Project provides
Eligible expenses include:
- Utility costs
- Employee wages
- Operational expenses
The maximum forgivable loan amount is estimated to be about $20,000 per business.
“The City of Davenport recognizes the impact that COVID-19 has had on our local small businesses. Our small businesses are resilient, and it is our hope that the Small Business Resiliency Project will help businesses recover from COVID-19 and continue to grow in Davenport,” said Susanne Knutsen, Economic Development Manager for the City of Davenport.