Time running out for COVID business grant dollars

The city of Coeur d’Alene was told in a briefing Tuesday night the deadline to apply for federal funds set aside to help businesses navigate the COVID-19 crisis is approaching, and that businesses looking for assistance are running out of time and opportunity to reach out for help.

The Municipal Small Business Grant, established in August from Coeur d’Alene’s cut of federal CARES Act funds, was given a purse of $340,000 to help businesses find some financial relief from COVID-related costs, such as for personal protective equipment and installing protective barriers. The deadline to apply Dec. 1.

“We are getting very near to the end,” Stephanie Padilla, accountant for Coeur d’Alene, told the city council.

To date, roughly $160,000 of that $340,000 fund has been awarded. This first round of grant money has already earmarked $66,100 to Coeur d’Alene small businesses providing youth services, $42,500 for businesses geared toward seniors, $20,000 toward real estate companies, $11,500 to food service businesses, $10,300 to small businesses in the medical community and $8,060 to local retailers.

While she said other businesses have inquired about applying for a cut of the funding, Padilla said about $100,000 would not be earmarked to any business by the Dec. 1 deadline. She is holding out hope that more businesses will apply.

If small businesses applications don’t fill the gap in that projected available $100,000, the city council will decide on or after its Dec. 1 meeting how to spend the excess funds.

With COVID-19 continuing to climb, Padilla said further restrictions beyond Little’s Stage Two orders from Nov. 13 might push for more of a demand for relief from Coeur d’Alene’s businesses.

Information: cdaid.org/small-business-relief-fund, Padilla at (208) 769-2221, or spadilla@cdaid.org.