CAMDEN COUNTY, NJ– An extra $5 million is now readily available the Camden County CARES Small Business Grant Program, officials announced Thursday morning.
Since Thursday early morning, $5 million has actually already been distributed to more than 2,200 small companies through the program, according to authorities. It opened for applications in July to help organisations coping the coronavirus pandemic.
The program started with an offered allotment of $20 million. Read more here:$20M In Grants Now Available For Camden County Businesses”Just three weeks after we launched this program, we have been able to put more than $4 million into the hands of company owner affected by the pandemic. We have actually currently heard from dozens of owners who state this financing has actually given them the capability to cover their costs, and the security to forge ahead as we continue to navigate this crisis,” Camden County Freeholder Director Louis Cappelli Jr. stated. “Unfortunately, the need in our community is still substantial. This 2nd round of funding will permit us to provide support to as numerous staying eligible services as possible.”
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“The CARES Act has actually delivered vital federal resources to local governments, and I praise Camden County's innovation in producing this grant program that has already assisted many local small businesses,” Rep. Donald Norcross (D-1) said. “Today's announcement of an extra $5 million in federal financing implies that even more local employers can access the resources they desperately require to make it through this continuous public health crisis and get locals back to work safely.”
“We know that every cent counts right now and the growth of this effort to guarantee every small business has an opportunity to get grant financing is crucial,” South Jersey Chamber of Commerce President/CEO Christina Renna said. “The $5 million growth also highlights the reality that the Board gets it– they know how difficult it is to run a company, and they know the pressures that the pandemic is putting on small company owners and our subscription.”
In order to qualify for a Camden County CARES Small Business Grant, the candidate needs to meet the following requirements:
- Business revenue has actually been adversely affected by the COVID-19 pandemic
- Business has actually been found in Camden County since January 1, 2019 or earlier
- The business utilized 25 or less staff members as of March 1, 2020
- Business made $5 million or less in total profits throughout 2019
Business needs to not operate in any of the following classifications:
- Banks or other banks
- Organisations where the main product and services are oriented to specific ages (vaping, liquor stores, etc.)
- Franchises, other than for those franchises which are completely locally-owned and ran
“The Board continues to move in the right direction to the assist the small business community and its clear there is a crucial requirement based on how quick the first round of funding was claimed,” Camden Business Association Vice President Nichelle Pace said. “By postal code and town, it is clear that this grant financing is entering the right-hand men. The Camden Business Association is proud to partner with the Board to get the word out to the Camden organisation neighborhood, so they can access these funds.”
The grant awards are developed on organisations' total 2019 earnings. Those that made less than $25,000 might see grants up to $2,500 and those with earnings between $25,000 and $50,000 are qualified for grants up to $5,000. Businesses with profits in between $50,000 and $100,000 can receive up to $7,500. The optimum allotment for those that collected more than $100,000 in 2019 is $10,000.