At least $550,000, and possibly more in state funds is available in the way of grants for businesses in the region that have suffered due to economic fallout from the coronavirus pandemic.
The Coos Curry Douglas Business Development Corp. announced this week that it has received a fourth round of Emergency Business Assistance Grants from Business Oregon. The purpose of the program is to provide financial assistance to small businesses adversely affected by economic conditions associated with the COVID-19 pandemic. Oregon has allocated $17.5 million statewide in round four.
So far $550,000 of that has been allocated to CCD to administer. However, more funds may become available, said CCD Economic Recovery Coordinator Leah Jones.
“When we start getting close to deploying all of that we can go back and ask for more,” Jones said. “We are thinking there’s a potential we could deploy $1.5 million to $2 million in our region. The catch is we need businesses to act fast. The deadline is Nov 11.”
Jones also said that a lot of businesses might think they are ineligible, but the requirements for eligibility have been changed for this round of funding. Jones also said that awardees from the previous three rounds of funding can reapply.
To date, CCD has disbursed a total of $560,000 in rounds one through three to Coos, Curry, and Douglas counties. CCD received another $110,000 combined from the City of Roseburg, Rogue Credit Union and the Port of Umpqua.
The funding in round four is available now on a first-come, first-served basis. If businesses step up and apply, CCD officials said they could disburse many more grants in the region. Round four is expected to be the last round of grant funding made available.
“The catch is CCD needs businesses to apply and act fast,” CCD Executive Director Theresa Haga said. “There is a very short window of time to disburse a large amount of money in the region. We have a small staff working hard to contact as many local businesses as possible, but we really need the community to step up and help us spread the word again in round four…We are still facing an unknown future with fall and winter ahead of us. We want to help as many of our local businesses as possible while the money is available.”
Round four of funding comes with a new set of eligibility requirements which opens the door for more businesses to apply. It also allows some awardees to get additional funds. Small businesses will be eligible under the following conditions:
- The business is in Coos, Curry, or Douglas county.
- The business is registered, if required by Oregon law.
- The business has 25 or fewer employees.
- If a nonprofit, the business is registered as a 501c3.
- The business can demonstrate a one-month decline in sales of 25% or greater. (Any month between March 1, 2020 and August 31, 2020 compared to same month in 2019).
- The business has not received over $100,000 in federal funding (PPP, EIDL).
First-time applicants can apply now using the round four application. Businesses who have already received an award from CCD in rounds one, two or three will be contacted by a CCD staff member if they are eligible for additional grant funding.
The program was funded in part with State of Oregon General Funds and Lottery Funds administered by the Oregon Business Development Department.
The funds are intended to be equally accessible to all businesses including the historically disadvantaged population groups, Haga said.