For Immediate Release:
June
23, 2020
Freeholders
to allocate $10 million of CARES Act
funding
to County small business community
FREEHOLD, NJ – On behalf of
the Monmouth County Board of Chosen Freeholders, Freeholder Director Thomas A.
Arnone is announcing that the County will allocate $10 million from the CARES
(Coronavirus Aid, Relief and Economic Security) Act to supplement the Community
Development Block Grant - Coronavirus (CDBG-CV).
The funding will be utilized
to provide grants of up to $10,000 to businesses with up to 50 employees.
“While some other counties
have chosen to utilize the New Jersey Economic Development Authority, Monmouth
County will be administering these grants directly because no one knows our
small businesses like we do,” said Freeholder Director Arnone. “I have been in
constant contact with small business owners and chambers of commerce throughout
this pandemic and will continue to work with them to assist in any way I can.”
The CDBG-CV was received
through the County’s Office of Community Development in the amount of $1.59
million.
“My fellow Freeholders and I
realized that the $1.59 million from the Community Development Block Grant for
COVID would not provide sufficient funds to reach all small businesses in the
County due to restrictions and guidelines put in place by the federal
government and HUD,” said Freeholder Director Arnone, liaison to the Division
of Economic Development. “The Board unanimously passed the resolution to share
supplemental funds from the CARES Act to the Monmouth County small businesses and
nonprofits to provide them with relief during this pandemic.”
The U.S. Department of the
Treasury instituted the CARES Act to provide fast and direct economic
assistance for American workers, families and small businesses. The goal of
this economic relief package is to preserve jobs and lessen the economic
impacts of the health pandemic.
Congress provided $5 billion
in CARES Act funding for the CDBG-CV, a program developed by the U.S.
Department of Housing and Urban Development (HUD). The second round of CARES
Act money for CDBG-CV, amounting $1 billion, will target public health,
coronavirus as well as housing and economic disruption needs. The Grant was
distributed to state and local governments and the County is awaiting further
direction about properly allocating funds from HUD.
“Throughout this pandemic in
Monmouth County, countless residents have filed for unemployment and small
businesses have shut their doors,” said Freeholder Director Arnone. “These
grant dollars will help support and recover our County economy as we continue
to curb COVID and in the United States.”
More information on the
CDBG-CV will be made available in the coming weeks on www.visitmonmouth.com.
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