Cathedral City Offering Financial Assistance to Its Small Businesses

Cathedral City Offering Financial Assistance to Its Small Businesses

News Staff

Cathedral City is offering financial assistance to its small businesses.

City Council voted to create this program for small businesses after being awarded through the CARES act.

Here’s how businesses may qualify:

– have been impacted by COVID-19

– maintain a physical presence within Cathedral City

– have less than 25 full-time equivalent employees 

Priority will be given to restaurants, retail stores and personal care businesses.

“The coronavirus has had a devastating impact on our small businesses,” said Mayor Raymond Gregory. “These funds are geared to assist hair salons, barber shops, small gyms, restaurants, and other small mom and pop businesses that have suffered the most economically.” 

Eligible Cathedral City businesses may choose one of two assistance programs. 

These options include:

– A micro-enterprise grant — A micro-enterprise is a business with five or fewer employees, including the owner. If selected, a micro-enterprise may be reimbursed up to $7,500 for eligible expenses.

– A physical-improvement focused forgivable loan — Forgivable Loans are for businesses with less than 25 or fewer full-time equivalent employees looking to make short term or permanent improvements so their business may operate in compliance with the State of California’s COVID-19 guidelines. These improvements may be indoors or outdoors. For qualified expenses, businesses may apply for up to $20,000.00 of reimbursement. To be eligible for forgiveness, the business must propose allowable reimbursements, comply with City’s quarterly reporting requirements, and meet all HUD requirements. 

More information is available on the application portal at  http://www.ccedd.org/economic-relief.

Cathedral City small businesses are encouraged to apply right away as funds are limited. 

For more information about this program, please contact the Small Business Assistance Program team at covidrelief@cathedralcity.gov.

The information in this article is provided from the Cathedral City officials.

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