Small businesses hurt by the pandemic have until 5 p.m. on July 24 to apply for Gwinnett's federal CARES Act grants and loans.
The Gwinnett County Small Business Assistance Program is administering $20 million in federal grants and loans for for-profit companies needing help with pandemic-related expenses, such as deep cleaning facilities, modifying facilities for social distancing, restocking, marketing, and/or paying staff in advance of reopening and achieving revenue.
The $10 million in grants is being administered by the Gwinnett Community Development Program, and the $10 million in loans is being handled by Access to Capital for Entrepreneurs Inc., a federally certified Community Development Financial Institution.
Grants are capped at $75,000. The grants are targeting small businesses that cannot access capital due to their inability to meet minimum underwriting standards. To be eligible for a grant, the applicant needs to be a Gwinnett-based business in operation for more than one year, with up to 200 employees, and have organizational documents in good standing.
The SBAP also is offering 36-month term loans between $50,000 and $200,000 with the first nine months of principal and interest payments waived. The loan program is focusing on small businesses that can adapt and continue to generate some sales.
Applicants for the loans need to be businesses with more than two years in operation with up to 500 employees and have organizational documents in good standing.
Those interested in applying for grants and loans should visit the Small Business Assistance Program page at GwinnettCounty.com.