El Dorado supervisors dedicate $5 million of CARES Act to help small businesses
While the coronavirus pandemic continues to wreak havoc on the local economy, more financial relief will soon be available for El Dorado County businesses.
Last week the El Dorado County Board of Supervisors dedicated $5 million of the county’s CARES Act funds to small businesses that have incurred COVID-19 related expenses.
The program will disburse grants up to $30,000 to local small businesses. The El Dorado County Community Foundation will manage the grant process.
El Dorado County Chamber of Commerce CEO Laurel Brent-Bumb said the program will be a boon for struggling storefront and restaurants as they weather the storm brought on by the coronavirus outbreak and subsequent shutdowns.
“We’re living in a brave new world,” Brent-Bumb said. “But the strength of El Dorado County’s pioneering spirit will carry us through.”
Businesses that receive grants will have to spend the monies on COVID-19 related expenses before Dec. 30.
El Dorado County received a total of $19,737,000 under the CARES Act, which was signed by President Donald Trump in late March to help mitigate the economic impacts of the coronavirus pandemic.
Of the $19.7 million, about $6.5 million is going to county operating expenses, $5 million was allocated for education and child care and county emergency medical services are receiving $1 million.
$100,000 will be allocated to miscellaneous causes, including $41,217 to the El Dorado Hills Community Services District, $6,776 to the Cameron Park Community Services District and $15,000 to the Apple Hill Growers’ Association, totaling $62,993. Remaining funds will go toward additional needs, should they be identified, according to the item brought forth last Tuesday.
Applications for the program will become available once the El Dorado Community Foundation formally receives the grant.
The county’s newest program isn’t the first aimed at helping local businesses overcome the extraordinary circumstances of the past five months.
In a joint compact with the El Dorado Hills Chamber of Commerce earlier this year, the El Dorado County Chamber launched the Western Slope Small Business Relief Fund, which was also managed by the El Dorado Community Foundation. The fund granted sixty-seven $1,000 grants to local small businesses.
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