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Salem to offer grants to small businesses affected by coronavirus

Salem announced Thursday it will establish a small business grant program to mitigate economic effects of the coronavirus.

The city’s economic development authority pledged $500,000 to the program, which will be funded through Salem’s portion of Coronavirus Aid, Relief and Economic Security Act funding. Salem received $2,207,415 from the CARES Act.

Business owners can begin applying at 8 a.m. Monday for one-time grants of up to $5,000. The applications will be available online at salemva.gov/departments/economic-development.

Funds can be used to reimburse costs caused by mandated closures, including operations, developing delivery or take out options, equipment purchases, inventory, rent and mortgage, deep cleaning services and personal protective equipment.

Salem is the latest locality to create an assistance program for local business owners.

Roanoke County launched its own assistance grant fund July 6. The county pledged $1 million of its CARES Act funding to the program.

Grants for Roanoke County’s program are awarded to eligible businesses on a first-come, first-served basis. The grant awards range from $2,500 to $10,000 and are based on number of employees. A business with 25 or more employees is eligible to receive up to $10,000.

To learn more, check out the whole article below.