COVID-19 Emergency Business Grant & Loan Program
 
Posted on Tuesday June 30, 2020
 
The City of Monmouth is pleased to announce a new small business grant and loan program designed to support local businesses negatively impacted by the COVID-19 crisis.
 
The cities of Independence and Monmouth have partnered with Business Oregon, the State’s economic development department, to make $90,000 available for this program, which will open July 1st.

This program will make one-time-only awards to businesses that have been adversely affected economically in one of the following two categories:

1) Those for-profit and non-profit (limited to 501(c)(3) corporations) businesses that were prohibited from operation as directed by Executive Order 20-12.

2) Those eligible for-profit businesses that can demonstrate a one month decline in revenue greater than 50% in the month of March 2020 or April 2020 as compared against sales in the month of January 2020 or February 2020. Those non-profit businesses (limited to 501(c)(3) corporations) that can demonstrate a decline in revenue greater than 50% across the months of March 2020 and April 2020 as compared against the same period of time in 2019.

Additionally, this program is limited to:

· Businesses located in Independence or Monmouth, Oregon city limits.
· Businesses with 10 or fewer employees.
· Businesses that have been unable to access federal CARES Act funds including:
- Small Business Administration's Paycheck Protection Program (PPP);
- Economic Injury Disaster Loan Emergency Advance program (EIDL); or
- Other federal programs to date for emergency pandemic business funding.

Businesses that have received State or Local government assistance ARE eligible to apply. Sole proprietor businesses are also eligible and encouraged to apply.

Funding awards will be made on a “first come first served” basis in the form of 50% grant and 50% low interest loan. Businesses may use the proceeds for any business-related operating expenses. More information about the program and a copy of the application form are available on the City's  website under COVID-19 Business Resources. Additional questions about the application or application process can be directed to Suzanne Dufner at the City of Monmouth sdufner@ci.monmouth.or.us 503-751-0147.