Franklin County establishes $500K grant for local small businesses
FRANKLIN COUNTY, Va. (WDBJ) - Local Franklin County businesses can now apply to obtain one-time grants of up to $10,000 with a new $500K fund established from the federal CARES Act.
According to Franklin County, these funds are meant to support small business recovery following the coronavirus outbreak. Localities may give “grants to small businesses to reimburse the costs of business interruption,” according to the US Treasury. These interruptions can be due to temporary business closure, a reduction in revenue, reduced workforce and other similar effects.
Local businesses in Franklin County will be awarded funds based on employment levels. “Businesses will be able to apply for the maximum grant amount or their actual demonstrable COVID-19 financial impact, whichever is less ... grants will be made on a first-come, first-serve basis as long as funding is available.”
Correspondence between the number of full-time equivalent (FTE) employees, excluding the owner, and the grant amounts available for businesses:
-1-5 employees - Max grant award of $2,500
- 6-10 employees - Max grant award of $5,000
- 11-25 employees - Max grant award of $7,500
- 26+ employees - Max grant award of $10,000
Franklin County small businesses can visit www.franklincountyva.gov for a program application and to learn more about the grant. Applications may be submitted starting Monday, July 20 at 9 a.m. and will remain open until August 14, 2020 or when funding runs out.
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