Tuesday, June 6, 2023
HomeBusiness$10M Grant Program to Begin for Oahu's Small Businesses Impacted by COVID-19

$10M Grant Program to Begin for Oahu’s Small Businesses Impacted by COVID-19

$10M Grant Program to Begin for Oahu‘s Small Businesses Impacted by COVID-19

Small businesses on the island of Oahu in Hawaii that have been impacted by the COVID-19 pandemic will soon have access to a new grant program. The program, which is set to begin soon, will provide up to $10 million in grants to small businesses that have suffered financially due to the pandemic. Here’s what you need to know about this exciting new initiative.

Background

The COVID-19 pandemic has had a significant impact on small businesses across the United States, and Hawaii is no exception. Many small businesses have struggled to stay afloat due to reduced foot traffic, decreased demand, and other pandemic-related factors. The new grant program aims to provide some financial relief to small businesses on Oahu that have been impacted by the pandemic.

Eligibility Requirements

To be eligible for the grant program, businesses must have a physical presence on Oahu and meet certain other criteria. The program is open to small businesses that have experienced financial losses due to the pandemic and have not received significant financial assistance from other sources. Eligible businesses must also have fewer than 100 employees and annual revenue of less than $2.5 million.

Grant Amounts

The grant program will provide up to $10 million in funding to eligible small businesses on Oahu. The grant amounts will vary depending on the size of the business and the extent of its financial losses due to the pandemic. The grants can be used to cover a variety of expenses, including rent, payroll, and other operating costs.

Application Process

The application process for the grant program is expected to begin soon. Small businesses will need to submit an application that includes information about their financial losses due to the pandemic, their current financial situation, and other relevant details. Applications will be reviewed on a rolling basis, and grants will be awarded based on the information provided in the application.

Impact on Small Businesses

The grant program is expected to have a significant impact on small businesses on Oahu that have been struggling due to the pandemic. Many small businesses have had to reduce their hours, lay off employees, or even close their doors permanently due to the financial strain caused by the pandemic. The grant program will provide some much-needed financial relief to these businesses and help them stay afloat during this challenging time.

Conclusion

The new grant program for small businesses on Oahu impacted by COVID-19 is a welcome development for small business owners and employees. With up to $10 million in funding available, the program has the potential to provide significant financial relief to small businesses that have been struggling to stay afloat during the pandemic. As the application process begins, small business owners on Oahu should consider applying for this exciting new program.

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