Business

Bill Creating Programs Through EDA to Financially Support Local Small Businesses Wins Approval

Small businesses struggling to stay afloat as a result of the Covid-19 pandemic may soon receive a financial lifeline from the local government, following the passage on Thursday in the Committee on Finance of Bill No. 33-0410, an Act providing for the disbursement of funds to the V.I. Economic Development Authority to establish a "Small Business Relief Grant Program" and a "Covid-19 Disaster Loan Program". Funding for the bill will be provided through the $75 million in CARES Act monies provided to the local government by Congress.  The two programs offer varying levels of funding. The grant program for example, will have a total of $7 million to expend; it only provides up to $10,000 to a business and must adhere to the following guidelines:  Valid business license  Certificate of good standing or certificate of existence  Must have been in operation prior to March 1, 2020 Gross Receipts that have not exceeded $225,000 Grant may not be used to meet any expenses met by the Sm...