$1M in Small Business Mortgage and Rent Relief
County of Maui News Release
Mayor Michael Victorino announced Wednesday the launch of a $1 million Small Business Mortgage and Relief direct payment program to provide a lifeline for businesses struggling to survive COVID-19 impacts. The County of Maui is partnering with the Maui Chamber of Commerce, which is administering the mortgage and rent relief program.
“Commercial rent and mortgage relief is a top priority for most businesses,” Mayor Victorino said. “This CARES Act funding provides a lifeline to help businesses survive the COVID-19 pandemic and recession. Small businesses are the backbone of our economy, providing goods and services to our community and jobs that keep food on the table for local families. We need to help these businesses remain open, especially as we are getting back on the road to economic recovery.”
Beginning tomorrow, interested business owners on Molokai, Maui and Lanai can visit MauiChamber.com and click on the Small Business Mortgage and Rent Relief button. There, prospective businesses can find applications and information on eligibility, requirements, needed documentation and funding.
Applications will be taken on a first-come, first-served basis until Nov.15 or until funds are exhausted.
“We are grateful to Mayor Victorino for this CARES Act funding to provide urgent commercial mortgage and rent relief to qualified small and economically disadvantaged businesses located in Maui, Molokai and Lanai,” Maui Chamber of Commerce President Pamela Tumpap said. “This will relieve a portion of their now unmanageable commercial mortgage or commercial rent debt. It also benefits commercial lenders and lessors by helping them pay mounting utility and maintenance bills that have been piling up as well.”
The Small Business Mortgage and Rent Relief direct payment program provides payments of up to $12,500 or $25,000, depending on the number of employees and business revenue in 2019. Funds will be awarded until they are exhausted. Payments will be made directly to the small business’ commercial lender or commercial lessor.
Businesses that employed 10 or more individuals (including owners) prior to COVID-19 and reported 2019 annual G49 revenues of between $1,500,000 and $4,000,000, may apply for up to $12,500 in direct commercial mortgage or commercial rent assistance.
Businesses that employed 15 or more individuals (including owners) prior to COVID-19 and reported 2019 annual G49 revenues of between $4,000,001 and $7,500,000 may apply for up to $25,000 in direct commercial mortgage or commercial rent assistance.
The program is not available to home-based businesses, short-term rentals, bed-and-breakfast operations or transient vacation rentals.
Applicants are required to submit a completed certification that they did NOT receive assistance from the Kokua Maui County Small Business Recovery and Relief Fund, the Maui County Adaptability Fund, and/or the Maui Chamber of Commerce Micro Business Loan Program.
For more information, visit MauiChamber.com or call (808) 244-0081.