City awards roughly $440,000 in grant money to Farmington businesses impacted by COVID-19
FARMINGTON – The City of Farmington awarded roughly $440,000 in Small Business Continuity Grant funds to over 75 local businesses negatively impacted by the COVID-19 pandemic, according to a press release on Thursday.
"We've hit that point where the federal programs are starting to dry up... We're really pleased to be able to offer that," said Warren Unsicker, the city's Director of Economic Development. "We hope it'll bridge the gaps in the near term."
In order to qualify for the grant money, businesses must have the following:
- 50 or fewer full-time employees
- Be located within Farmington’s city limits and have a City of Farmington business license
- Make no more than $2 million in annual revenue prior to impact of the pandemic
- Demonstrate they were financially impacted through declines in revenue as compared to pre-COVID-19 revenues.
Applicants with between one and 10 employees are eligible for up to $5,000 in grant funds, while applicants with between 11 and 50 employees are eligible for up to $10,000 in grant money, according to the press release.
Businesses with multiple branch locations, are allowed only one grant award, and all combined locations must not exceed the 50-employee and aforementioned revenue thresholds. Non-profit organizations that meet the criteria may also apply for grant funds, per the release.
Grant proceeds must be spent on eligible “Business Continuity” and/or “Business Redesign” expenses.
Expenditures incurred between March 1 to Dec. 30 are eligible for reimbursement per “CARES Act” requirements and Coronavirus Relief Fund guidelines.
To apply for grant funds and for additional information about the grants, visit https://www.fmtn.org/. For more information on the application process itself, contact Cynthia Lopez at 505-599-1536 or at email@example.com.
Matt Hollinshead covers sports for the Daily Times. He can be reached at 505-564-4577 and on Twitter at @MattH_717.
Support local journalism with a digital subscription: http://bit.ly/2I6TU0e