Palm Beach County is doing its part to help struggling small business owners get back on their feet. The local county government announced it is preparing to award $60 million in grants for businesses hurt by the coronavirus pandemic. An online portal to submit an application will open at 8 a.m. Friday at discover.pbcgov.org.
According to the Palm Beach Post, the county has set aside $50 million, from the $261 million it received from the CARES Act, for businesses employing 25 people or fewer. Another $10 million will be available for businesses with more than 25 employees.
The grants cannot exceed $25,000, meaning the county has enough for grants to at least 2,000 small businesses and at least 400 businesses with more than 25 employees. How much money provided in each grant will be based on the business’ specific line-item expenses over a six-month period.
To be eligible, businesses must be located within the county, cannot be publicly traded, cannot be a nonprofit and must have operated since at least Oct. 1 through Feb. 29.
Eligible small businesses cannot exceed $3 million in gross receipts or sales; businesses with more than 25 employees cannot exceed $5 million in sales.
Business owners will need to provide certain documents to complete an application, including a copy of an active Palm Beach County Business Tax Receipt, a copy of the active filing with the Florida Department of State Division of Corporations as seen on sunbiz.org and financial statements like tax returns and payroll reports.
If a wrong document is accidentally submitted, the business owner will have 24 hours to fix it, officials said. But a business owner can’t intentionally submit an incomplete application to “hold their place” in line, Baker said, as the applications will be processed on a first-come, first-eligible basis.