Longview small business and nonprofit organizations that have been negatively impacted by COVID-19 are encouraged to apply for a new grant program that will provide zero-interest forgivable loans of up to $30,000. Eligible applicants must demonstrate significant loss of revenue due to the COVID-19 crisis, and priority will be given to the most vulnerable businesses and organizations. Additional eligibility restrictions apply.
The City of Longview Community Development division will oversee the distribution of $327,641 through the program officially known as the City of Longview COVID-19 Response and Recovery Stabilization Forgivable Loan Program (RRSFLP). The available funds were provided by the Coronavirus, Relief, and Economic Security (CARES) Act enacted by the United States Congress, which included supplemental funds for use by the U.S. Department of Housing and Urban Development as part of the Community Development Block Grant (CDBG) program.
“We recognize the need to support small businesses and organizations that are struggling to access capital and keep their doors open as a result of the economic impact of the pandemic,” said Dietrich Johnson, Assistant Director of Community Services for the City of Longview. “Small business and nonprofits are vital to the strength of the Longview community, and we hope this program can help mitigate some of the losses they have experienced.”
To be eligible, businesses must be located within Longview city limits and have been in business for at least a year as of April 1, 2020. The program defines a small business as having fifty employees or less at the time of loan submission. Applicants must agree to rehire or retain low to moderate jobs. Applicants must provide a job summary and verification. Approved applicants must comply with all federal certifications and contractual agreements.
Franchises, hotels, liquor stores, national or regional chain businesses, exclusively residential businesses, financial institutions, private membership organizations, and adult oriented businesses are ineligible.
Eligible businesses and organizations are encouraged to apply soon. The application period will open Monday, November 23, 2020, and remain open until available funds have been disbursed.