12:48Thursday 23 July 2020
Maple Grove will extend another helping hand to businesses affected 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 for up to $ 10,000 in forgivable loans to help them sustain themselves during the economic uncertainty caused by the coronavirus outbreak. A total of $ 250,000 will be available for distribution.
The program is a near-mirror image of the city’s previous program adopted earlier in the virus crisis. This program was the Emergency Loan Fund and also offered loans of $ 10,000 from a pool of $ 250,000. Businesses that received a loan under the previous program are not eligible to obtain one under the new one, nor are gambling-related activities. To be eligible, businesses must be physically located in the city, employ 40 full-time workers or less and face partial or full shutdown due to the virus.
The money comes from funding provided by the federal Coronavirus Aid and Economic Security Act (CARES). The impetus behind the program is to try to prevent businesses from shutting down permanently due to COVID-19.
Depending on the city, at least one Sugar bush company, MarcDaniel Salon has already announced its closure at the end of the month.