The City of Hutchinson has extended the application period for its CARES Act Forgivable Loan Program.
To date, 65 small businesses and non-profits have applied for funding, with a total of about $655,000 allocated, with approximately $95,000 still available.
City staff estimates funds are available for up to 10 additional applicants.
Officials say the program will be extended until available funds are exhausted.
In August, the Hutchinson City Council earmarked $750,000 in Federal CARES Act funding to assist local small businesses and non-profits having at least one full-time equivalent staff with pandemic-related expenses.
To qualify, businesses must have had $3 million or less in gross profits (sales) in 2019,
employ 25 or less and have a decline in profits due to the pandemic.
Loan eligible expenses must be incurred between March 1 and November 15 of this year and include mortgage or rent payments, payroll costs, utility payments, Inventory costs, PPE, masks, cleaners, public safety items and costs to restart the business after being shutdown.
Up to $15,000 is available as a forgivable loan, which will be forgiven as soon as the applicant provides documentation to the EDA that the assistance was used for eligible costs.
Program rules and application can be found on-line at www.HutchCARESloan.com with paper copies available at the Chamber Office (2 Main Street South) and City Center, located at 111 Hassan Street SE.