(BEDFORD) – The Bedford Board of Works approved the applications of 42 small businesses for the COVID-19 Phase 2 Grant.
Bedford was awarded $250,000 to award to small businesses impacted by COVID-19. Businesses had until October 2nd to turn in their applications. A committee selected by Bedford Mayor Sam Craig approved the applications on October 9th.
The selection process now is in the hands of the Office of Community Affairs who will then make a final approval of the applications submitted.
The businesses selected must meet certain criteria.
Criteria for the grant include:
- Gross receipts equal to or less than $1 million
- 100 or fewer employees (full and part-time)
- Low to moderate income owner (micro enterprise) or 51 percent of employees retained are low to moderate income on an aggregated basis
- Business must demonstrate direct financial impact/need as result of COVID-19
- Preferences given locally-owned businesses
- Preferences given to Minority – Women, and/or Veteran – Owned businesses.
The grant program is made available to businesses to retain jobs with the persons who are determined to be low to moderate income by job category.
The grant amount is $5,000 per job retained with a maximum of $10,000.
The final approval should be made before the first of the year.