The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) signed into law by President Donald J. Trump on March 27, 2020, appropriated $5 billion in additional Community Development Block Grants (CDBG) Program funding to state and local governments.
The Montgomery County (PA) Board of Commissioners announced on May 6th that it was making available $5 million in economic development funds to provide grants to eligible small businesses through Round 2 of the MontcoStrong Program.
The funding includes $4,750,000 from the CDBG fund allocations in the CARES Act meant to provide direct relief to state and local governments. The Delaware Valley Regional Economic Development Fund contributed $250,000. The Program is established and administered by the Montgomery County Board of Commissioners in partnership with the Redevelopment Authority of Montgomery County & the Montgomery County Commerce Department.
Eligible applicants for Round 2 may apply for a grant to cover the following costs:
- Accounts payable, including utilities, vendors, suppliers, and working capital expenses, between May 1, 2020 through September 30, 2020.
- Rent/mortgage payments between May 1, 2020 through September 30, 2020.
- Debt service payments on loans and credit cards (may not exceed more than 25% of total grant award) between May 1, 2020 through September 30, 2020.
Applications will be accepted beginning at 10 a.m. on Wednesday, May 13, 2020 and the application window will close at approximately 6 p.m. on Wednesday, May 13, 2020.
- Additional eligibility information is available HERE.
- Round 2 Program Guidelines are available HERE.
- Program Guidelines can be found HERE.
- Details & information about Round 1 awards can be found HERE.
We are happy to discuss any questions or comments you may have. Our team is working and available to review with you. Please contact our office at 610-544-5900 or firstname.lastname@example.org .
We are in this together,
Brinker Simpson & Company, LLC
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice & cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).