At their June 23 meeting, the Covington City Council approved the administration of a new grant program utilizing $130,000 of CARES Act (Coronavirus Aid, Relief, and Economic Security Act) dollars to assist Covington small businesses that have been adversely impacted by COVID-19. Applications for the first round of the Covington Rapid Relief Program were accepted through July 27. As some funds remain, the city is opening a second application period from August 1 through August 15.
The Covington Rapid Relief Program will provide working capital grants in amounts from $2,500 up to $7,500 to small, locally-owned businesses that meet specific criteria outlined in the application. Grant amounts available will be determined by the number of people employed at the small business and the businesses must be located within Covington city limits.
Businesses awarded a grant can utilize the funds toward expenses like lease or loan payments, wages, taxes and employee benefits, operating costs and expenses, payment for PPE (personal protective equipment), and for improvements necessary for protection of employees and customers.
Funding for this program is made possible by City of Covington reimbursements from the State of Washington using CARES Act dollars available to support local recovery efforts from the impact of the COVID-19 crisis. The City has partnered with Evergreen Business Capital to help administer the process.
Both the application and worksheet need to be completed and submitted no later than August 15 at 5 p.m. to the City of Covington. Decisions are expected to be made by the end of August.
