After COVID-19 left many businesses in financially challenging situations, the federal government created the Community Development Block Grant CARES Funds (CDBG-CV) to help provide some relief.
The Township of Gloucester has appropriated $425,000 of its federal Community Development Block Grant CARES Funds (CDBG-CV) for the COVID-19 Small Business Assistance Program. The program is being established to provide working capital funds to the community’s small businesses that have been severely impacted by the COVID-19 pandemic.
The program makes up to $5,000 available to small businesses for a 120-day period. CDBG Small Business Assistance funds may be used to assist Gloucester Township retail, restaurants, entertainment, and nonprofessional service businesses with no more than 10 employees (full time equivalent positions) that were in business as of December 31, 2019. To be eligible, the business must have one employee, which can be the business owner, who will be retained and meets the low/moderate income requirement; or the business is located in an eligible program area. Benefiting businesses should have solid commitments to remain open or reopen, and retain or re-employ at least one permanent job. Businesses deemed ineligible by the US Dept. of Housing and Urban Development will not be eligible.
Businesses must enter into a financial assistance agreement, referred to as the “Participation Agreement,” at agreed upon terms with the township.
A full list of requirements as well as the pre-application form can be found at https://glotwp.com/cdbg/.
