DEKALB COUNTY, Ga. — On Tuesday, the Dekalb County Board of Commissioners launched the DeKalb Better Business Loan Program in an effort to help small businesses in DeKalb County who have been impacted by COVID-19 pandemic.
DeKalb County CEO Michael Thurmond’s administration said it developed this program with the help of the Small Business Subcommittee of the DeKalb COVID-19 Strategic Task Force.
“Small businesses have been hit hard and are critical to DeKalb’s economic growth and prosperity,” Thurmond said.
The county will fund the program by using the $15 million from the county’s allotment of federal Coronavirus Aid, Relief and Economic Security (CARES) Act funding. Ten million dollars of the loan proceeds will come from Citizens Trust Bank.
Small business owners can apply for the DeKalb's Better Business Loan for up to $40,000 in business loans beginning on Aug. 27, 2020, through Sept. 7, 2020.
Approved loan applicants can use the relief money for the following eligible expenses:
- Payroll (gross federal wages)
- State unemployment taxes and local taxes
- Employee benefits
- Business mortgage interest
- Business property rent payments
- Commercial property utilities
- Interest on other business debts
DeKalb County officials said they hope the Better Business Loan program will help sustain and support small business ownership in the county.
“We view a small business loan program for DeKalb as an integral resource in supporting not only small businesses, but the DeKalb community at large," expressed Steve Bradshaw, presiding officer of the Board of Commissioners.
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