Small Business Grant
THE APPLICATION PERIOD HAS ENDED FOR COVID-19 SMALL BUSINESS SUPPORT GRANTS FROM THE CITY OF DESOTO:
88 APPLICATIONS WERE RECEIVED BY THE JUNE 12, 2020, 4 PM DEADLINE
GRANT FUNDS STILL REMAIN FOR FUTURE CONSIDERATION
Here is the timetable for the next steps:
The City of DeSoto has received access to funds through the CARES Act that are required to be used to prevent, prepare for, or to respond to job loss and impacts related to Coronavirus (COVID-19) restrictions. The CARES Act will provide the City with $182,823 in Community Development Block Grant Coronavirus (CDBG-CV) funds from the Department of Housing & Urban Development (HUD) and these funds will be paired with a matching $182,823 contribution from the DeSoto Economic Development Corporation (DEDC). This combined funding will become the basis for the COVID-19 SMALL BUSINESS SUPPORT GRANT PROGRAM.
The City encourages eligible small businesses to apply to participate in this grant program that will make available short-term working capital assistance for the retention of jobs held by low to moderate-income (LMI) employees.*
Each participating small business will be required to have procedures in place to prevent duplication of benefits. Participants will be subject to oversight and reporting requirements to ensure that funds are not used to pay costs already eligible for coverage under other available sources of financial assistance.
Questions and comments regarding the CDBG-CV program and application must be submitted to email@example.com. City staff will respond as quickly as possible and will post frequently asked questions (FAQ) and the associated responses on the City’s website.
*= Based on HUD definition. HUD Income Limits (2020) are defined in the application.