CHARLOTTE, N.C. — The city of Charlotte is about to distribute $30 million in federal CARES Act funding to small businesses in the Queen City hurting because of the COVID-19 pandemic.
Small businesses with one to five employees are eligible for up to $10,000, and those with six to 25 employees are eligible for up to $25,000.
City councilman James Mitchell told Channel 9 that it’s money businesses won’t have to pay back.
“Let me stress that this is a grant. We heard loud and clear from our business community having a loan was more debt to them and having a grant could help them keep their doors open,” Mitchell said.
The city’s small business task force wanted to make the process less bureaucratic. It wanted to give businesses easy access to funds with a simple application process.
It partnered with Foundation for the Carolinas to award the money. Priority will go to businesses that missed out on funding from other sources.
“Top priority is those who have not received any green leaf funding, PPP funding because or SBA funding. We want to make sure small businesses are a top priority for us,” Mitchell said. “And make sure it is a geographical reflection of our community. This application is in five languages and we have a call center set up so those who have questions. To make sure it is fair and equitable through an algorithm that we set up prior to.”
The money will be doled out quickly. The first round of checks go out on June 30, then July 6, and final round the last week in August.
It’s called the Access to Capital Small Business Recovery grant program. The applications are now available.