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ST. LOUIS — Small businesses in the City of St. Louis that have been impacted by COVID-19 will soon be able to begin applying for funding.
The funding comes from $1.25 million in federal CARES Act funding that Mayor Lyda Krewson secured after last week’s meeting of the Board of Estimate and Apportionment, according to a press release.
Previously, $4 million in CARES Act funding went to small businesses in the city which resulted in $5,000 grants for 800 local businesses.
“We recognize that it’s an enormously challenging time for all the small businesses in our City that really are the backbone of our economy and the heart of our neighborhoods. We’re trying to do everything we can with the remaining federal resources we have to help them and their workers, especially as we head toward the winter months,” said Mayor Krewson.
Applications for the funding will be accepted beginning at 10 a.m. on Nov. 16 and will continue to be accepted until all grant funds are exhausted, the release stated. Applications will be processed on a first-come, first-served basis.
Of the available funding, 50% will be reserved for businesses in areas designated as Promise Zones, Opportunity Zones, and/or Neighborhood Revitalization Stabilization Areas.
Two hundred of the grants will be awarded to businesses in the hospitality industry, including restaurants, bars, coffee shops, caterers, banquet facilities, entertainment venues, wedding planners, and wedding photographers. Food truck operators are eligible if the operator has a physical facility in the city.
“We’re ecstatic over the opportunity to continue to provide these funds to help small businesses and minority-owned businesses try to mitigate the many economic and financial hardships created by the pandemic,” said Otis Williams, executive director of SLDC.
Examples of some of the criteria businesses must meet to be eligible for funding:
- Must have 25 or fewer full-time equivalent (FTE) employees
- Must have a physical presence (owned or leased) in the City of St. Louis; home-based businesses are eligible if the residence is within the city limits
- Must have a current business license as confirmed by the License Collector’s Office
- Must be current on all city taxes and all city-required reports as confirmed by the Collector of Revenue’s Office
- Must have been closed or significantly impacted by continued economic challenges created by COVID-19 pandemic
- Must not discriminate on any basis outlined under city ordinances
Source: https://www.ksdk.com/article/news/health/coronavirus/cares-act-funding-st-louis-small-businesses/63-078a50ec-2a0e-4aea-ab55-19507fe58c06