Small Business Funds

Small businesses got some good news today about funds that can help their business survive the Covid-19 Pandemic.

Law.

There's some good news for small businesses who were impacted by covid-19... help is on the way... state lawmakers voted to allocate 300 million dollars to businesses who were affected or forced to temporarily close.

The funding will come from the one- point- two - five- billion dollars the state received through the cares act.

Our quentin smith speaks with a lawmaker and small businessman about this new grant... he joins us live in columbus with the details.... scott this grant money is for businesses that existed before march first and have no more than 50 employees... like jordan's barber and style shop here in columbus.

The business was forced to close its doors back in march, and the owner tells me this grant money is much needed...and he already has an idea on how he plans to use the funds.

Nat inside jordan's barber and style shop, the clippers are buzzing..... nat and the scissors are snipping... nat as the shop looks to re-open " we missed the clients and they missed us.

We are in a service business and they need our services, so it works out good for us as barbers and it also works out good for the clients.??

Bobby jordan's business was one of the many impacted by the coronavirus.

He was forced to closed his doors for more than a month that's why he's excited to find out lawmakers want to give small businesses like his financial relief " i'm glad that they are going to be able to do something for us because it's been hard, especially since this is our only income.

Anything that we can get will help us out greatly?

In the proposed bill, lawmakers would give 300 million dollars to small businesses.

A $60 million dollar grant will provide a direct payment of $2000 for businesses that were forced to be closed by government orders... they would not have to apply for those funds.

The other 240 million will be for places that suffered unexpected expenses due to covid19.

Business would have to apply for this grant which goes up to to $2500 per business.

" there is a $2000 direct payment that will be administered through the department of revenue, then there is an application process up to $25,000 that small businesses can apply for through mda."

Representative kabir karriem was one of the lawmakers who voted in favor of the bill.

He also works at a small business and says knows the importance of allocating this money to help small businesses get back on their feet.

"african americans have been disproportionatel y affected by this pandemic, particularly their small businesses.

Where i voted for the bill, i was hoping that there was going to be a little bit more in there for minorities of the state, but you know, it's a start.

I'm glad small businesses are going to get some help."

The funds can be used to cover anything related to the pandemic.

Jordan says he plans to use money to pay for cleaning and health supplies to help him run his shop in a safe and manner going forward..

" we've been hearing about masks and gloves and other material, disposable capes, using paper towels, disinfectant, that's going to be an on going thing so that's going to cost us so this money will enable us to buy those items" the bill was passed last night after a lengthy debate ... now i do want to point out these are grants... which means businesses would not have to repay the funds.

The bill now awaits the governor's signature before any funds can be given out and before the application process can begin.

Reporting live in columbus.

Quentin smith.

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