The District could soon make another $100 million in grants available for companies coping with the coronavirus fallout, targeting restaurants, hotels, retailers and other hard-hit businesses for relief.
The D.C. Council is set to consider legislation Tuesday creating the new grant program, relying on money the city received through the CARES Act to fund the measure. The city previously used some of those federal dollars to hand out $33 million in “microgrants” to struggling businesses, but this new spending would be the largest effort yet in the region for business aid.
The bill, drafted by Councilman Kenyan McDuffie, D-Ward 5, and co-introduced by Councilman Charles Allen, D-Ward 6, stipulates 40% of the funds handed out should go to restaurants, 30% to hotels, 15% to retailers and 15% to the “sports and entertainment sector.” It also allows for businesses to apply for funds if they were forced to close by Mayor Muriel Bowser’s health restrictions, which is meant to include…
Read the full story from the Washington Business Journal.
