The city of Davenport launched its Small Business Resiliency Project to assist small businesses negatively impacted by COVID-19 on Oct. 1.
The deadline to apply was Oct. 30. A total of 42 Davenport businesses requested assistance, and a review of the applications was still ongoing, said city Community and Economic Development Director Bruce Berger.
As of Friday, 10 businesses had been notified that they will receive assistance, Berger said. Other businesses, he said, were in the process of submitting additional documentation.
“We do hope to offer another opportunity for assistance sometime after the first of the year,” Berger responded in an email.
Davenport has approximately $900,000 in federal block grant funding provided under the CARES Act to provide forgivable loans of up to $20,000 to qualified Davenport small businesses with 50 full-time equivalent employees or fewer negatively affected by COVID-19 in an effort to retain jobs and stabilize the local economy. Businesses must have been operating in Davenport before March 16, 2019.
To receive assistance, businesses must not have already received reimbursement or funding from any other local, state or federal relief program for the same items. They must also be in good standing with all local taxes, licenses and permitting.
Businesses would be able to utilize city loans to pay mortgage, rent and utilities for the business to keep the lights on; salaries or wages of employees; and operating expenses such as inventory. Loan forgiveness will be based on the business' ability to retain positions for a three-month period, and at least 51% of employees must meet low- to moderate-income household guidelines.
Davenport city officials could not immediately provide, or did not have, information requested Friday on the number of applications denied, total and average amount of assistance awarded to date to businesses, and list and copies of applications.