Small businesses and entrepreneurs negatively affected by the COVID-19 pandemic received $1.2 million in Coronavirus Aid, Relief and Economic Security (CARES) Act Recovery Assistance from the U.S. Department of Commerce’s Economic Development Administration (EDA).
“I supported this important provision in the CARES Act to send direct support to the mom-and-pop shops and small businesses who need it most,” Sen. Martha McSallysaid in a press release for her website. “It is good to see the Department of Commerce send this important relief to very small businesses as our nation combats this virus and its impact on hardworking Arizonans.”
The U.S. Secretary of Commerce Wilbur Ross announced the awarding of the grant on July 15 to the PPEP Microbusiness and Housing Development Corporation in Tucson to capitalize and administer a Revolving Loan Fund (RLF).
“In the midst of this first in a century pandemic, small businesses are facing significant challenges while they try to keep their doors open and their customers and employees safe,” McSally said in the press release.
As a current EDA RLF grantee, the PPEP Microbusiness and Housing Development Corporation is one of more than 859 EDA Economic Development District, University Center, Tribal and RLF grant recipients invited to apply for funding under the CARES Act.
“President Trump is working diligently every day to support our nation's economy following the impacts of COVID-19 through the CARES Act,” Ross said in the press release. “This investment will provide small businesses in Arizona with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient regional economy for the future.”
These funds will serve coronavirus impacted businesses in Cochise, Gila, Graham, Greenlee, La Paz, Maricopa, Pima, Pinal, Santa Cruz and Yuma counties, according to Dana Gartzke, who is performing the delegated duties of the assistant secretary of Commerce for Economic Development.
“This investment comes at a crucial time to help Arizona’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” Gartzke said in the press release. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds in the PPEP Microbusiness and Housing Development Corporation.”