County council approves $ 1 million in rental assistance for small businesses
Some small businesses will soon have access to $ 1 million in rental assistance for small businesses in Montgomery County.
The county council on Tuesday unanimously approved the rental aid, which will go to retail and service businesses that depend on foot traffic.
Doctors’ offices, professional service companies, religious organizations, and day care facilities are excluded because they are not dependent on foot traffic or have qualified for grants under other programs .
Board member Will Jawando, who spearheaded the effort, said in Tuesday’s meeting that rent is often the highest cost, outside of labor, for small businesses selling in the UK. retail and service.
“Many of these companies have been hit so hard by the pandemic and have not received adequate relief. We know that businesses with fewer than five people, many of them, make up about 60% of businesses in the county. Many are owned by women and people of color who have been particularly affected and who have not had access to PPP loans and other forms of federal, state and local grants, ”said Jawando, referring to the program. federal paycheck protection.
To be eligible for a maximum subsidy of $ 10,000 or three months’ rent, whichever is less, a business must:
● Having its physical location (s) only in the county or its location based in the county must represent more than 50% of the total number of employees of the company or 50% of the gross sales.
● Receive $ 500,000 or less in annual income before the pandemic
● Be classified as a retail or service business, but not as a restaurant or catering business, medical office, professional service business, religious organization, or daycare
● Have a commercial lease in the county
● Demonstrate loss of income due to the pandemic
If the number of applicants exceeds the amount of program funding, applicants will be ranked based on the loss of income caused by the health crisis and their tenure in the county.
The money for the assistance will come from the remaining federal funds for the Reopen Montgomery program.
Briana Adhikusuma can be contacted at [email protected]