The City of Austin Economic Development Department announced this week an additional $2.5 million dollars in economic recovery grants has been awarded to 89 small businesses impacted by the pandemic. Small businesses and sole proprietors applied for up to $40,000 in grant funding to help cover rent, payroll, and other economic needs.
“There was an overwhelming request for funding when we first launched the Austin Small Business Relief Grant in 2020,” said Sylnovia Holt Rabb, Acting Director for the Economic Development Department. “We worked hard to find innovative uses for federal and local dollars that could help fulfill small business needs that were still in the application queue. Our hope is that these CDBG-CV funds provide relief to strengthen our community and help the business community continue to rebound and recover.”
The City of Austin received $7.6 million in federal funds from the U.S. Department of Housing and Urban Development through the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act.
The funding has been given to applicants who were unable to secure funding during the first round of relief last year.
