News Item
Small Businesses Forgivable Loan Program
posted on Friday, March 20, 2020.
City of Racine to Launch Small Business Emergency Fund in Wake of
COVID-19
Property
tax deadline extended to April 30th and parking restrictions modified to
support local businesses
City
of Racine – During the COVID-19 crisis small
businesses will be forced to make some tough decisions as they will be the
first to economic impacts of the virus. The City of Racine is taking a
proactive step in trying to assistance businesses by redirecting $250,000 in
federal funding to create a Small Business Emergency Fund for businesses that
are under distress from the recession caused by the COVID-19 pandemic.
Small businesses with up to 10 employees in the City of Racine are
eligible to apply for a forgivable loan of up to $15,000 in the new program. The forgivable loans target businesses that will retain 1 or
more jobs and will require that business owners show the negative impacts of
COVID-19 on their businesses. Full program details will be posted by
Monday March 23, 2020 at: /CDV/RFP/
The funding is available from the U.S. Department of Housing and
Urban Development (HUD) 2020 Micro Fund Program.
“Small businesses are the backbone of our economy. They are also
feeling the brunt of the economic downturn caused by this public health crisis.
In this time of great uncertainty, our goal is to help small businesses stay
open and keep people employed so that they can continue to provide for their
families,” said Racine Mayor Cory Mason.
“Creating this Emergency Fund is one small thing the City can do proactively to
help in this time of crisis.”
“COVID-19 is not only a public health crisis, but an economic one.
The City of Racine’s small businesses and their employees deserve swift and
robust action from municipal government to protect family supporting jobs,” said Racine Alderman Trevor Jung. “City
Hall is taking this challenge seriously and engagingly in thoughtful and
measured public policy to keep our community strong. In uncertain times, we
must come together to support those who are hurting most from the impacts of
Coronavirus.”
The applications for the
forgivable loans must be submitted by Friday, March 27, at 4 p.m.
For additional information
about applying for the program, contact the Neighborhood Services Division at
(262) 822-7487 or ben.lehner@cityofracine.org
The City of Racine is taking some additional measures to help
businesses and property tax payers during this time of crisis. These include:
- Property tax payments that were due March 31,
2020 will now be due April 30, 2020 in order to alleviate economic hardships of
residents - Parking meters in front of restaurants and bars
providing take-out food order will be bagged and turned into 15-minute loading
zones to provide customers quick and easy access as they support local
businesses - All other parking meter payments will be halted until
at least April 20, 2020. Metered spots will now be free but limited to 2 hours
during regular metered hours to allow access to local businesses
About the
City of Racine
With a
population of 78,000, Racine, Wisconsin is the fifth largest
municipality in the state of Wisconsin.
It is home to manufacturing businesses that enjoy world-wide
reputations, SC Johnson, CNH Industrial, Twin Disc, Modine, and In-Sink-Erator
among them. Racine is also home to
diverse cultures, a thriving downtown, and world-class beaches along the shores
of Lake Michigan.
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Small Businesses Forgivable Loan Program Release 3-20-20
