On May 19th, the City of Portland launched three new loan and grant programs for small businesses.
The City of Portland’s COVID-19 Business Assistance Program for Job Creation (Rehiring) (BAP) provides $5,000 in grant funding to small businesses for rehiring two or more full-time employees that were on the payroll as of January 31, 2020. The jobs, which must be filled by low/moderate income individuals, could include previous employees or new employees. This program is not intended to substitute for available COVID-19 federal and/or state commercial financing programs if a business is able to access them. Funding through this program cannot be combined with any other PDC COVID-19 Program.
The City of Portland’s Microenterprise Grant Program (MGP) is targeted to very small businesses with less than two employees. The MGP provides grants of up to $2,500 to existing Portland Microenterprises that have been impacted by the COVID 19 crisis. The definition of a microenterprise for the purposes of this program, is a business that has no more than one full time equivalent employee (FTE), which could be 1 full-time or 2 part-time employees, as well as the business owner who must be a low/moderate income individual. Funding through this program cannot be combined with any other PDC COVID-19 Program.
The City of Portland Rapid Response Micro Loan Program (RRMP) is targeted to small businesses that had two to eight employees on January 31, 2020. The RRMP provides loans up to $10,000 with $5,000 forgiven if 50% of employees are hired back within nine months of signing a loan agreement or six months after the applicable Stay at Home or other COVID-19 emergency orders have been lifted with respect to the borrower’s type of business, whichever comes first. This program is not intended to substitute for available COVID-19 federal and/or state commercial financing if a business is able to access one or both. Funding through this program cannot be combined with any other PDC COVID-19 Program.