Help on the way for Midland small businesses
The city of Midland approved a million dollars in Cares Act money today to help local small businesses.
MIDLAND, Texas (KOSA) - The city of Midland approved a million dollars in Cares Act money today to help local small businesses.
Small business owners that generate less than a million dollars a year will be able to apply for a 10,000 dollar grant to help make ends meet during the pandemic.
District 3 Midland City Councilman, Jack Ladd explains the purpose of this plan, “these businesses will not have to pay this money back. This is to stimulate their business to help for that, to help them pay for inventory, to help them keep an employee on, to help them to keep the doors open.”
Businesses can apply even if they have already taken out a P.P.E. loan this year.
City Councilman Jack Ladd says Midland College will vet all of the applications, “we teamed up with Midland College’s Business and Economic Development Center to heavily vet each business which applies through a very thorough application process. But, you know, like I said, anyone can apply just as long as their revenue is below a million dollars annually.”
The federal government set aside Cares Act money as a grant to help state and local governments during the pandemic, and that money is certainly being put to work in Midland.
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