PHOENIX (3TV/CBS 5) – Businesses of all sizes are struggling to make it as the COVID-19 pandemic drags on, especially with the omicron variant surging throughout the country. In addition to ongoing staffing shortages, inflation is causing severe financial strain. Now micro and small businesses in Phoenix can apply for a much-needed cash infusion, and they do not have to pay back.
Funded by the American Rescue Plan Act of 2021, the PHXbizGrants program has $8 million set aside for “resiliency grants.” Business owners can use the grant money to cover any expense the IRS says you can deduct, including rent or mortgage payments, insurance, and utilities. It can also go toward expansion and hiring bonuses. As long as the grant is used for eligible expenses, business owners do not have to pay it back.
Grant amounts run between $3,000 and $15,000, depending on the size and location of the business. The money is meant for expenses since March 2021, and it does not matter if you have gotten a previous grant.
- 25 of fewer employees
- Operated a physical or mobile location in Phoenix for at least 1 year
- Revenue less than $3M
- Show 25% revenue loss because of COVID-19, when comparing any month since March 2021 with the same month in 2020 or 2019
The deadline to apply is April 15 unless all of the money has been awarded before then.