Microenterprise Stabilization Program Applications Now Open
Montgomery County businesses that have lost revenue due to the COVID-19 pandemic, and have five or fewer employees, can now apply for the Microenterprise Stabilization Program (MSP) to receive up to $10,000 in financial assistance. Applications are being accepted until June 16.
As businesses across the county are beginning their economic recoveries from the global pandemic, the MSP may provide much needed financial assistance. According to the Montgomery County Business Portal, the MSP is intended to assist “income-eligible for-profit businesses” whose revenue has suffered as a result of the public health emergency. Besides the restriction on a business’ number of employees, additional criteria must be met to be eligible for the program. Among other requirements, at least 51% of a business’ revenue has to be generated within the county. The business itself or its owner’s residence must also be located within the county. Businesses established after January 1, 2020 are not eligible.
Business financial documentation must be provided to demonstrate a business’ loss of revenue and its eligibility. Businesses that have previously received financial assistance from the county’s Public Health Emergency Grant program are not eligible for the MSP.
Funding for the MSP is not unlimited. Applications will be reviewed and financial assistance will be granted until the $1 million in funds from the Community Block Grant has been used.
Information on the MSP and the application process, as well as the full list of eligibility requirements, can be found here.
Applications are being accepted from now through June 16 for the Microenterprise Stabilization Program. The MSP provides financial assistance to income-eligible for-profit businesses with five or fewer employees. For eligibility requirements: https://t.co/kXI9i8bNt9. pic.twitter.com/3zUCOXa2AB
— Montgomery County MD (@MontgomeryCoMD) June 11, 2020
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