The City of St. Louis and the St. Louis Development Corporation (SLDC) have released eligibility criteria for small businesses relief allocated under the American Rescue Plan Act (ARPA).
“As a former small business owner, I know how challenging running a business can be, and the pandemic has made the chances for success become even more difficult,” said Mayor Tishaura O. Jones.
About 900 city-based businesses will receive $5,000 grants, which can be used to cover operating costs including payroll, rent, utilities, personal protective equipment acquisition, and securing inventory.
Paper and electronic applications will be accepted. In-person application events will begin on Monday April 4, 2022, with the online application portal opening at 8 a.m. Thursday April 14.
Neal Richardson, SLDC executive director, is encouraging business owners to gather required documents necessary for an application before the online portal launch. These include a current W-9, a current business license, and bank statements demonstrating an adverse economic impact resulting from COVID-19.
“Small businesses are at the center of building a more resilient and vibrant economy in response to COVID-19,” Richardson said in a release.
“These grant dollars will provide business owners with the ability to support their employees, better serve their customers and contribute to the economic growth of the neighborhoods in which they operate.”
Applicants must own a business located in the city, have 25 or fewer employees, be current on all city taxes, demonstrate COVID-19 hardship, and must have and maintain an active St. Louis Business License at the time of application and receipt of grant funds. No City employees or members of their immediate family can apply for funding.
“As a former small business owner, I know how challenging running a business can be, and the pandemic has made the chances for success become even more difficult,” said Mayor Tishaura O. Jones.
“St. Louis cannot move forward from the pandemic if we leave our entrepreneurs and small business owners behind. This fund is just one of the creative ways I’m using ARPA dollars to support them.”
SLDC will host a virtual town hall at 5:30 p.m. Thursday March 31 outlining the application process. The webinar linkis at www.stlouis-mo/government/departments/sldc. A full list of eligibility requirements is available too.
Applicants can deliver completed paper applications from 9:30 a.m. to 3 p.m. April 14 ,15, 18, and 19 at the SLDC Office, 1520 Market St.
There will be two in-person application events for business owners, and they are limited to the first 120 participants.
The first is from 9:30 a.m.-3 p.m. Monday April 4 at The Central Library, 1301 Olive St. The second is 9:30 a.m. to 3 p.m. Wednesday April 6 at The Youth and Family Center, 818 Cass Ave.
A series of town halls and an online survey to help determine how St. Louis County residents think ARPA funds should be spent ended last week. More than 2,400 surveys were submitted, according to the county.
“We’ve been encouraged by the turnout for the town halls as well as the responses we’ve received for the online survey,” County Executive Sam Page said in a release.
“We look forward to hearing from more residents and then sharing the results of the survey with the community.”
Biden budget helps SBA
President Biden’s proposed 2023 budget includes a $71.5 billion allotment to the Small Business Administration, a 15% increase from fiscal 2022, according to the administration.
The largest increase, $5 billion, is allocated to the agency’s flagship loan guarantee program, which would be authorized to guarantee $35 billion of loans.
The budget also would boost 504, SBA’s second-largest program, providing $9 billion for regular 504 loans, up from $7.5 billion in fiscal 2022, and $7.5 billion for the commercial real estate refinance program.
