female worker holding and repairing bicycle wheel while standing in bicycle workshop

$5,000 Grants Available for Small Businesses in Economically Vulnerable Communities

The U.S. Chamber of Commerce Foundation has created the Save Small Business Fund to support small businesses in economically vulnerable communities affected by COVID-19. The fund is offering $5,000 grants, which must be used for business expenses. As a grant, the money does not need to be repaid, but recipients will be expected to report on how it was used and its impact on the business.

To apply, organizations must meet the following criteria:

  • Be a small business or chamber of commerce
  • Employ between three and 20 workers, including the owner but not including workers classified as independent contractors
  • Have been harmed financially by the COVID-19 outbreak
  • Be located in an economically vulnerable community, identified by zip code, in the U. S. or its territories

Access to the funds is restricted to employers in vulnerable communities, which are determined by the Distressed Communities Index, a measure of economic well-being calculated by the Economic Innovation Group. To determine if your area is eligible, visit https://savesmallbusiness.com/#apply and enter your zip code.

Eligible organizations can begin applying on Monday, April 20, at 3:00 p.m. EST at https://savesmallbusiness.com/#apply. Grants will be awarded weekly until funds are depleted, but applicants need to apply only once to be eligible. If you have applied for or are receiving other grants, loans or other funding, check your documentation to ensure there are no provisions that would prohibit or restrict your access to the Save Small Business Fund.

For questions or to discuss COVID-19’s effect on your business, contact a member of the HBK CPAs & Consultants team at 330-758-8613.

About the Author(s)
Amy Reynallt is a Manager with the HBK Manufacturing Solutions Group in the Youngstown, Ohio office of HBK CPAs & Consultants. She joined the firm in 2019 following 13 years in the manufacturing industry. Amy is experienced in navigating the strategic and financial matters associated with manufacturing and works closely with manufacturers to help them plan, execute, and meet their short- and long-term financial goals.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.

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