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The city of Little Rock said Wednesday that it had created an emergency relief program for certain businesses, funded by the federal Coronavirus Aid, Relief and Economic Security Act.
The fund is for small businesses, including sole proprietorships, corporations and limited liability corporations that have been affected by COVID-19. It allows them to apply for a forgivable loan up to $5,000 at zero interest, with no payments due the first year.
“If jobs are retained, created, or restored and still exist after one year, the loan is forgiven upon verification,” Mayor Frank Scott Jr. said in a statement.
Requirements to qualify for the program, include:
- Must be listed in the dataset of active businesses registered in Little Rock
- Must either have been in business more than two years and have 20 or fewer employees
- Or be a for-profit micro-enterprise business with five or fewer employees including the owner and owner must earn a household annual income up to or less than 80% of the area median income
- Applicant must be a directly affected small business or micro-enterprise business identified in Governors Proclamation E.O. 20-13, dated April 4, 2020
- Must have documented business income loss, including business income comparisons and narrative description of impacts
The city will begin taking applications on Monday.