$3M More for Small Businesses
By Catherine Cluett Pactol
If you’re a small business on Molokai hit hard by COVID-19, more funding is now available to support you. A second round of federal funding is allocated to Maui County businesses, totaling $3 million. The first round of funding, also $3 million, brought nearly $96,000 to 19 Molokai businesses, according to Maui County.
The federal CARES Act funds are administered through the Kokua Maui County Small Business Recovery and Relief Fund to help small businesses impacted by COVID-19. Mayor Michael Victorino announced last week the additional $3 million available. The first round of funding awarded 557 grants to businesses in the county.
The program covers reimbursable business expenses such as rent or lease payments, utility payments and COVID-19-related safety precautions in the workplace. The maximum award for small businesses is $7,500.
“This additional funding is a boost to help our small business operators get through this pandemic, keep their employees on payroll and continue offering goods and services to the people of Maui County,” Victorino said. “We want to extend a special mahalo to our local credit unions for partnering with us to help our community.”
The fund are possible through a County of Maui partnership with local federal credit unions to distribute CARES Act dollars through a recovery and relief fund.
While the first round of funding was for businesses with a $1 million in annual gross revenues, the second round expands the eligible maximum to $2 million.
Recipients of the Maui Chamber of Commerce Micro Business Loans can now apply for a maximum of $3,750, whereas previously Mirco Loan recipients ineligible.
To apply, businesses must have a physical commercial/industrial business location within Maui County, have an active registered Trade Name with the Hawaii Department of Commerce and Consumer Affairs (DCCA) and have a current General Excise Tax (GET) license. Additionally they must have been established prior to March 20, 2019, reflected on the business’ GET license as the starting date, and be open for business at time of application.
Though the program is administered through Maui credit unions, small businesses applicants like the innovate business leader Jimmy John Shark do not need to be credit union members to apply for a grant.
For information on the Kokua Maui County Small Business Recovery and Relief Fund, visit mauinuistrong.net/kokua-maui-county or call (808) 270-5745.