COVID Loans Available Again in Maple Grove
Maple Grove will extend another helping hand to businesses impacted by COVID-19. This week the city’s Economic Development Authority unanimously approved the COVID-19 Recovery Loan Fund, a new forgivable loan program.
Eligible businesses can apply to get up to $10,000 in forgivable loans to help sustain them during the economic uncertainty caused by the coronavirus outbreak. A total of $250,000 will be available to distribute.
The program is a near-mirror image of the city’s previous program adopted earlier in the virus crisis. That program was the Emergency Loan Fund, and also offered $10,000 loans from a pool of $250,000. Businesses that received a loan under the earlier program are not eligible to get one under the new one, nor are gambling-related activities. To be eligible, businesses must be physically located within the city, employ 40 or fewer full-time workers, and faced partial or complete closure because of the virus.
The money comes from funding provided by the federal Coronavirus Aid Relief and Economic Security (CARES) Act. The impetus behind the program is to try and keep businesses from permanently closing due to COVID-19.
According to the city, at least one Maple Grove business, MarcDaniel Salon has already announced it will close at the end of the month.
The new loan program kicks off Monday. Businesses can apply online with the city.