CORAL SPRINGS, FL – Coral Springs has received $710,000 in federal funding to help businesses retain jobs and pay off expenses related to the Covid-19 economic crash, officials said Friday.
Starting Monday, Coral Springs businesses can apply for CARES Act grants of up to of $5,000 to pay for lease or mortgage payments, staff payroll, utilities, insurance, inventory, and business supplies.
“Our small businesses are the backbone of the Coral Springs community,” Coral Springs Economic Development Director Kristi Bartlett said in a news release. “Coral Springs is committed to identifying funding sources that can be allocated to struggling business owners as they navigate the economic impacts of the COVID-19 crisis.”
The money -- which is actually coming to Coral Springs through Broward County -- is part of the $150 billion Coronavirus Relief Fund approved by Congress after the pandemic outbreak.
Here are the qualifications for the grants, according to Coral Springs:
- Qualifying businesses must complete a Letter of Understanding and meet certain criteria to receive CARES Act funding.
- Business owners must certify they have not received an excess of $15,000 from the state or federal government for the Payroll Protection Program or Economic Injury Disasters Loan Program.
The application process will open at 9 a.m. on Oct. 26.
To review the requirements, necessary documentation and the Letter of Understanding, visit here.
For more information about CARES Act funding, call Coral Springs’ business hotline at 954-344-5772.
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