There’s no doubt about the pandemic’s economic impact on the Elk Grove community, especially small business owners.
As part of the national CARES Act, the city of Elk Grove approved the COVID-19 Small Business Recovery Grant Program, assisting more than 100 local small business owners with grants between $1,250 and $25,000.
That’s exactly the intent of the CARES Act: To help companies with fewer than 20 employees or less than $3 million in annual revenue get back on their feet.
With the leadership of the Elk Grove City Council, local businesses received $437,500 in funding to offset the economic difficulties from this year’s pandemic.
Food services were among the top recipients. Here’s how the grants were divided among the various business enterprises in Elk Grove:
Manufacturing ($1,250), Administrative and Support ($3,750), Finance/Insurance/Real Estate ($5,000), Information/Publishing ($11,250), Health Care ($12,500), Retail Trade ($15,000), Arts, Entertainment, and Recreation ($16,250), Construction ($16,250), Transportation ($27,500), Professional ($45,000), Educational Services ($41,250), Food Services ($111,250), Personal Services ($131,250).
The grants do not require repayment.
The city’s economic director said funding was quickly distributed to those businesses in need.
“We know more is needed, but this program delivered meaningful assistance at a time when our businesses required it most,” said Darrell Doan, the city’s economic development director.
While this program has already concluded its two rounds of applications, more help is on the way. The federal government is working toward a new stimulus package, giving businesses a second shot at the popular Paycheck Protection Program among other relief assistance.
For the latest information on developments and news related to Elk Grove businesses, go here.