The short application window for small businesses impacted by COVID-19 in Portland to apply for up to $10,000 in emergency grant funding opened Monday. The $2 million grant package, approved by Portland City Council last week, is expected to support at least 150 local businesses who've been financially crushed by the virus' spread.
Businesses have until 11.:59 pm Wednesday, April 1 to apply.
The public funding is available for business with less than 50 employees that make no more than $2 million in annual gross revenue. According to Prosper Portland, the city development agency overseeing the grant, eligible businesses must be "public facing and directly impacted by new COVID-19 public health requirements" or have experienced at least a 25 percent decline in revenue since Feb 1, 2020.
Nonprofits, franchises, rental companies, and local businesses with more than three locations are ineligible for the funds.
Businesses will be granted between $2,000 and $10,000 in funding, depending on need. Those funds should be dispersed starting Friday, April 10. During last week's council session, Prosper Portland Director Kimberly Branham acknowledged that the small grants are insufficient long-term solutions.
"This will provide interim relief," said Branham. "We think of this as a stopgap measure, understanding state and federal government has resources coming in months ahead."
The Oregon Legislature will be considering state-level economic support during a special session expected to commence in a few days.