By Mike Sunnucks | Rose Law Group Reporter
Small businesses adversely impacted by the Coronavirus pandemic can potentially qualify for a $10,000 grant through the Phoenix Industrial Development Authority and city of Phoenix.
The Phoenix IDA and city have set up a $2 million small business relief fund. The Arizona Community Foundation will administer the program.
The grants are targeted at small businesses in economically challenged areas. The Arizona Community Foundation has a map of those areas on the grant application website (AZFoundation.org/SmallBusinessRelief).
“Small business owners are hurting, and we’re offering assistance to businesses to keep employees working and meet basic operating needs,” said Juan Salgado, CEO of the Phoenix IDA. “Small businesses are the backbone of the Phoenix economy, and that’s why we’re investing in our local market.”
The $2 million could help as many as 200 small businesses located in Phoenix.
“Phoenix needs our small businesses to survive COVID-19, and these grants are one of the many tools the city is putting forward to help,” said Phoenix Mayor Kate Gallego. “For a small business, a $10,000 grant can make a big difference. We hope these grants can be a lifeline for the small businesses that, for so long, have served as the backbone of our economy.”
The COVID-19 pandemic and resulting closures have impacted a myriad of small businesses and employers including restaurants, bars, event planners and other companies who depend on travel and tourism.
“It’s heartbreaking to listen to the stories of the pain people are enduring. The Phoenix IDA expended tremendous effort in making this assistance possible,” said Salgado. “We have a good working relationship with the Arizona Community Foundation and are excited about serving our neighbors together.”
Phoenix’s Community and Economic Development Department is also working with businesses impacted by COVID-19 and its economic fallout.
To qualify for a grant, a Phoenix small business must meet five requirements:
- Opened for business within the city of Phoenix before January 1, 2019
- Be located in a low-income census tract or on a street bounding a low-income census tract
- Gross total sales declined 25 percent or more between February and March 2019 and February and March 2020.
- No more than 25 employees on February 1, 2020
- Gross total sales during calendar 2019 were under $3 million
For more information on how to apply, visit: AZFoundation.org/SmallBusinessRelief.