University City has earmarked $850,000 for a forgivable loan small business assistance program to help provide relief for local businesses that have experienced economic hardship as a result of the COVID-19 pandemic. Eligible local retail, service and creative for-profit businesses can use the money for short-term financial operation needs such as for payroll and utilities or for payments to suppliers or service providers, but not for capital expenditures or rent.
Money for University City’s Forgivable Loan Small Business Program comes from a quarter-cent Economic Development Retail Sales Tax the city has assessed since August 2006, which is invested in projects that encourage redevelopment.
Applications will be accepted until December 31.
Applications may be made at https://tinyurl.com/UCity-forgivable.