Phoenix City Council approves $14 million in small business grants
PHOENIX — The Phoenix City Council has approved $14 million in resiliency grants for local small businesses.
Grants worth up to $10,000 will be available to eligible small businesses within the city along with grants worth $5,000 for micro businesses, according to a press release.
Restaurants can receive up to $10,000 for reopening costs.
This will be the second round of funding from the city’s federal CARES Act.
Phoenix expects to give funds to about 500 small businesses in low-income neighborhoods. Qualifications include being open since Jan. 1, 2019 and having fewer than 25 employees as of March 1, 2020.
Gross sales in 2019 must have been less than $3 million and business owners must be able to show that the coronavirus caused a decline in sales of 25% or more between March and April compared to those two months the year prior.
Micro businesses, which are classified as those with five or fewer employees on payroll as of March 1, must have been open since Jan. 1, 2019 and had gross sales of $1 million or less during that calendar year to qualify for a loan.
Additionally, owners must demonstrate the same 25% decline between March and April as small businesses.
Phoenix expects to provide grants to 1,500 micro businesses.
Restaurants and food trucks can apply for up to $10,000. There are no requirements of employees or gross sales in the 2019 calendar year, but the owner must show the same 25% decrease in March and April sales as the small and micro businesses.
Only businesses located in Phoenix are eligible to apply. Food trucks must be headquartered in the Phoenix area.
Applications and more information are available on the city of Phoenix website.
The applications will be administered by the Arizona Community Foundation.