Small Business Relief Fund
APPLICATIONS FOR SMALL BUSINESS RELIEF FUNDS WILL OPEN OCTOBER 23
- Applications open: Friday, Oct 23, 9 am
- Applications close: Monday, Nov 2, 11:59pm
- Applicants notified: Friday, Nov 17th
- Funds disbursed: starting mid-November
About the Funds:
On July 22, Portland City Council approved a plan to distribute $114 million in federal CARES Act (Coronavirus Aid, Relief and Economic Security) relief to the community.
City Council allocated $15 million to Prosper Portland to distribute to small business via the Small Business Relief Fund and block grants to community nonprofits. Form this, $3 million will be allocated as block grants to community partners that can reach culturally specific populations to provide access to these funds. Hacienda CDC is one of the community partners that will distribute funds tu culturally specific business owners.
Prosper Portland and Hacienda CDC knowledge that Black people, Indigenous people and all people of color have experienced the greatest impacts from the pandemic and need the most support. These funds will serve applicants across multiple demographic categories; all small businesses that meet the eligibility requirements will be considered.
- Experienced a decline in revenue since February 1, 2020
- Primary source of income for business owner(s) (unless organization is an eligible nonprofit)
- $5 million or less in annual gross revenue
- 50 or fewer employees
- Principal place of business must be located within the City of Portland
- In operation and in compliance with the State of Oregon registration requirements on or prior to December 31, 2019. (Sole proprietors or a general partnership operating under the owner’s name are not required to register with the State of Oregon).
- The CARES Act requires that the payments from the Coronavirus Relief Fund be used only to cover expenses that were incurred during the period that begins on March 1, 2020 and ends on December 30, 2020.
- Businesses that have experienced a decline in revenue as a result of COVID-19
- Businesses owned by Hispanic/Latino, Black, Indigenous, Asian Pacific Islander and all People of Color and/or women
- Businesses for which resources will help them remain operational
- Businesses that did not receive enough federal funds
- Use of funds focused on helping operations shift, pivot, or adapt to the new COVID-19 environment
Selection & Distribution Process
Hacienda usará criterios establecidos y aprobados para clasificar las solicitudes calificadas en orden de prioridad basado en el criterio de Prosper Portland. El comité de selección incluye a diferentes representantes de los departamentos de Hacienda CDC y de organizaciones aliadas en el apoyo de pequeños negocios en Portland.
Hacienda will use established and vetted criteria to rank qualified applications in order of priority based on Prosper Portland criteria. The selection committee includes different representatives from the departments of the Hacienda CDC.
Resources from grant funds may not be used for personal uses or those prohibited by federal, state, or local law or regulation.
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