The City of Davenport has launched the Small Business Resiliency Project to help small businesses negatively impacted by COVID-19.
The city will begin accepting applications Oct. 15, according to a news release.
The project will use about $900,000 in Community Development Block Grant funds awarded under the CARES Act to provide financial relief to small businesses in an effort to retain jobs and stabilize businesses in the Quad-City economy.
“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.
Eligible businesses can have up to 50 full-time-equivalent employees. Applicants must be businesses established in Davenport for at least a year prior to March 2020.
Applicants must be in good standing with local taxes, licenses, and permits, and cannot be recipients of reimbursement or funding from any other local, state, or federal relief programs for the same items for which the business is applying for reimbursement under the Resiliency Project.
Eligible expenses include mortgage or rent, utility costs, employee salaries or wages, and operational expenses such as inventory.
The maximum forgivable loan is estimated to be $20,000 per business. At the time the funds are awarded, the business must meet the federal CDBG national objective that 51% or more of the workforce must be part of a low- to moderate-income household.