Loans/grants available to small businesses impacted by COVID-19

Bayne Hughes, The Decatur Daily, Ala.
·1 min read

Sep. 8—The Sept. 30 deadline to apply to apply for Decatur's Small Business Loan/Grant Assistance Program funded with the CARES Act is approaching.

This initiative extends an opportunity for local businesses impacted by COVID-19 to apply for a zero-interest loan of up to $20,000, with the potential of having the loan forgiven in 12 months.

The city has $353,000 from Coronavirus Aid, Relief, and Economic Security (CARES) Act available for the program sponsored by the city of Decatur, the Decatur Morgan-County Chamber of Commerce and the Decatur-Morgan County Entrepreneurial Center,

The funds can be used to cover administrative costs including: utilities, rent, mortgage payments, or payroll.

Eligible businesses include restaurants, hotels, coffee shops, health clubs, and other retailers with less than 25 employees. The business must have been in operation for at least one year prior to March 13, 2020 — the day Gov. Kay Ivey issued the first state of emergency for COVID-19.

In order to qualify for assistance, either the business owner or more than 51 percent of the employees must qualify as receiving a low or moderate income.

Small businesses can go to the city website, www.cityofdecatural.com, to apply for assistance or pick up a packet at Decatur City Hall on Lee Street Northeast or the chamber at Sixth Avenue Northeast. Businesses must complete and submit a W-9 form as part of the application process.

Packets will include a forgiveness provision where if the business sustains the same number of employees after 12 months the loan will be forgiven.

For more information or questions, call the city's Community Development Department at 256-341-4967.

— bayne.hughes@decaturdaily.com or 256-340-2432. Twitter @DD_BayneHughes.