COVID-19 Update #33
City of West Palm Beach Establishes Recovery Assistance Program for Businesses Affected by COVID-19
WEST PALM BEACH, FLORIDA (April 3, 2020) – The City of West Palm Beach is committed to supporting its business community during this time of unprecedented need. During this morning’s State of the City COVID-19 update, Mayor Keith A. James announced the creation of the City’s Recovery and Assistance Program in partnership with Valley National Community Bank and the Urban League of Palm Beach County. This program makes available short-term loans in amounts between $5000-$10,000 with minimal interest rates and generous repayment periods, to eligible small businesses. In addition to the state and federal resources available to small businesses, this program is one of the many relief offerings for establishments in our City that have been negatively affected by the pandemic.
The City Commission approved an initial contribution of $259,000 to be split into loans for qualifying businesses. The Downtown Development Authority contributed an additional $50,000 to the program for business that are within the City’s Downtown boundaries, which brings the total funding available to $309,000.
Some eligibility requirements include:
- Location must be within the City of West Palm Beach.
- Business must be in operation for 18 months or longer.
- Proof of adverse effects of COVID-19 mitigation.
Some documentation that may be requested through the approval process includes:
- Business income statement.
- Bank statements for the last three months.
“We are extending a lifeline to our business community to help small businesses recover from the economic downfall caused BY COVID-19 and to help protect or restore the jobs of West Palm Beach residents,” said West Palm Beach Mayor Keith A. James. “Making sure that money and resources will, indeed, get to our business owners and our residents –those who are hurting the most-- remains a top priority for my administration.”
Once submitted, applications will be processed within 3-5 business days. The goal is to issue the first loans to businesses by April 10. For a complete list of eligibility requirements, additional information on the Recovery and Assistance Program and to access the application, visit https://www.wpb.org/our-city/mayor-s-office/covid-19-updates-and-information/covid-19-recovery-and-assistance-program. Here, you can also find details on other offerings available to small businesses.
For questions about the program, please contact the City’s Economic Development Director Christopher Roog at (561) 822-1416 (TTY 800-955-8771) or email@example.com.