Small businesses in Tamarac are experiencing significant negative financial impact due to the COVID-19 pandemic. To mitigate barriers to capital for Tamarac’s most vulnerable businesses, the City of Tamarac will commit $100,000 in one-time Community Development Block Grant (CDBG) CARES Act funds to the Tamarac Small Business Stabilization Grant program, an emergency fund that provides grants of $5,000 to qualifying small businesses. The following is the investment criteria for financial support:
Eligibility: The program will target small businesses that meet the following requirements:
(1) The business owner’s household income must be at or below 80% of the Area Median Income;
(2) Business must have 15 or fewer employees, including the owner(s);
(3) Business must be located in Tamarac city limits (home-based businesses are ineligible);
(4) Business must have experienced a loss of income due to COVID-19;
(5) Business must have been operating for at least 12-months prior to March 1, 2020;
(6) Business must have a valid City of Tamarac Business Revenue Receipt (Business License).
The priority of the program is to assist small, independently-owned companies that sell products and services to their customers face-to-face. Businesses that are national franchises or chains, home-based, or restricted to patrons above the age of 18 will not be eligible for award (e.g. bars and cannabis retailers). The Grant funds will be awarded directly to businesses via direct deposit to put toward operating expenses of the awarded business such as rent or mortgage, payroll and/or utilities.
Applications will be made available online and accepted for a one-week period, beginning at 9 am August 24, 2020 through 5 pm Friday August 28, 2020 at www.Tamarac.org/EconomicDevelopment. Eligible businesses are encouraged to collect required documentation in advance prior to application period opening.
Grants will be awarded to qualifying businesses for completed applications with all required documentation submitted on a first-come, first-served basis until funds are exhausted.
