You own a restaurant with 15 employees and you had to reduce your hours of operation during the COVID-19 pandemic, resulting in a 20 percent loss of revenue in 2020.
Or, maybe you’re the owner of a small retail store with three part-time employees and you had to drastically reduce hours due to the coronavirus and also experienced a loss in revenue in 2020 that exceeded annual payroll expense (combined, the three employees work 40 hours per week, equaling one full-time equivalent position).
These are just two scenarios where the Genesee CARES Business Recovery Fund could provide much-needed assistance as the business sector looks to bounce back from the pandemic.
Michael Zimmerman of The Harrison Studio, which is overseeing the program, provided these examples to give business owners a clearer picture of what Genesee CARES is all about.
In a nutshell, businesses that were hurt by COVID-19 will be eligible to receive a grant of up to $75,00 to aid in their recovery. Eligible applicants are for-profit ventures within Genesee County with 25 or fewer employees.
In the first scenario, the restaurant plans to expand its outdoor dining and also has to increase staff in order to re-open to regular daily hours. The owner also intends to hire six part-time servers, all working 20-plus hours per week.
As a result, the restaurant owner applies to Genesee CARES for a $75,000 grant, with $60,000 of it to be used to assist with company payroll expenses and $15,000 to assist with purchasing new furniture and accessories for outdoor dining.
Upon grant approval, the owner makes eligible purchases, incurs payroll costs, and creates six part-time job positions over the next 90 days and submits cost documentation for reimbursement.
In the second scenario, the store owner has working capital needs to continue to market and promote the business as well as purchase additional inventory, and also plans to retain the three existing employees.
The store owner applies to Genesee CARES for a $25,000 working capital grant and the three employees fill out a Family Income Form and it is determined that all three employees are considered low-to-moderate income.
As a result, the store can proceed with an application for a $25,000 working capital grant on the condition that it retains the three low-to-moderate income employees, equating to retaining one full-time position.
To further explain the process of obtaining money from the $1 million Community Development Block Grant initiative, two informational meetings via Zoom have been scheduled. Attendees will have the opportunity to ask questions regarding eligibility, funding, program requirements, COVID impacts, and more.
- The first informational meeting is set for 10 a.m. Thursday.
Video Conferencing: https://us06web.zoom.us/j/86560090929
Audio Conferencing: Dial 1-929-205-6099, Webinar ID: 865 6009 0929
- The second informational meeting is scheduled for 11 a.m. March 2.
Video Conferencing: https://us06web.zoom.us/j/83846902808
Audio Conferencing: Dial 1-929-205-6099, Webinar ID: 838 4690 2808
CLICK HERE to go to the Genesee CARES website to review eligibility and requirements for the grant. A fillable application is available for download at the website.
To be considered for the first round of approvals, applications must be submitted no later than March 9.
