ODESSA, Texas (Big 2/Fox 24) – Small businesses that were unable to get PPP Loans are finally getting the relief they need.
Tuesday night The City Council unanimously passed more funding for small business owners through The CARES Coronavirus Relief Fund. This program will provide loans to small businesses with 20 employees or less.
“I’ve talked to restaurant owners that say they may last another three weeks. I’ve been around the City and I’ve noticed some businesses have already closed. Right now we’ve got the highest unemployment rate in the state of Texas and we need to keep every job we can just to keep people working,” said David Turner, the Mayor of Odessa.
In a unanimous vote, the Odessa City Council approved the City of Odessa’s Business Assistance Program. Through the program, small businesses will receive grants ranging from $2,500 to $10,000 depending on the size and the amount of revenue lost due to COVID-19.
“Businesses who qualify can submit an application as well as the required documents those documents will be reviewed by the City of Odessa Business Assistance Program Advisory Committee,” said Michael Marrero, the Odessa City Manager.
Businesses will need to submit either a financial statement, business operating bank statement or sales tax report. In addition, they must provide a valid ID, proof of business location within city limits and a W9.
“Anytime you have uncertainty in the market that directly affects business owners which in turn affects their employees which are the citizens of Odessa,” said the mayor.
Business owners can use the funds for technology, like online ordering equipment or contactless payment devices. They can also use the funds for services like payroll expenses, health care benefits or marketing.
Bellow is the list of requirements a business must meet to apply:
- Must be a for-profit business with 20 or fewer employees
- Must be located within city limits
- Must have been in operation for at least one year prior to March 18, 2020
- Must be registered t do business in the State of Texas
- Must be able to provide loss of revenue during COVID-19 pandemic
- Must have an annual gross salary of less than $750,000
- The owner must not currently be in bankruptcy or have filed in the last 12 months
- The owner must be current with property taxes, State and City sales tax and any City fee