Due to the COVID-19 pandemic, Texas ordered non-essential businesses to close earlier this year, leaving countless business owners unable to earn a wage and pay essential bills. The same went for employees unable to get a paycheck due to their employers closing down. Although the state is slowly reopening, many businesses and individuals are still having financial trouble getting by.
On March 27th, the federal government passed the Coronavirus Aid Relief and Economic Securities Act (CARES Act). This bill allocated over $2.2 trillion to support businesses and individuals affected by the pandemic and economic downturn. Below, we’ll be going over how Alamo and its citizens can benefit from it.
How the CARES Act Works
Thanks to the CARES Act, Hidalgo County received $151 million from the federal government. From that allotment, Alamo received over $2.2 million. The Alamo City Commission allocated 25% of the CARES fund to local residents and businesses through a grant program called The Alamo COVID-19 Assistance Program (ACAP). It will be used for operating expenses and mortgage relief.
ACAP can help small businesses with operating expenses, payroll, utilities, supplies, and rent. Owners can apply for up to four months’ worth of operating expenses with a maximum assistance payment of $5,000. To qualify, these businesses must:
- Be located in Alamo.
- Be recognized under state law.
- Be located within a commercial plaza, a freestanding building, or shopping center. Home-based businesses will not be considered.
- Be in compliance with city codes and ordinances.
- Be current on all property and/or sales taxes.
- Be in operation for a minimum of six consecutive months.
- Be independently owned and operated.
- Be majority-owned (51% or more) by a U.S. citizen or legal resident.
Residents can apply for up to four months’ worth of rent or mortgage payments with a maximum assistance payment of $5,000. To qualify, applicants must:
- Be a U.S. citizen or legal resident.
- Reside in Alamo and prove that they have been residing at their current address since or before March 1, 2020.
- Prove their need for assistance by showing evidence of job loss, reduced working hours, or loss of income.
Only one award per residence is allowed. Qualifying households will be limited to combined earnings of $60,000 per year or less.
Ask Us About the Program Today!
ACAP funds will be granted on a first-come basis while available.
To apply as a business owner, click here. For a Spanish application, click here.
To apply as an individual, click here. For a Spanish application, click here.
Due to COVID-19 regulations, please call us before visiting at (956) 787-6622. Otherwise, contact us online for any questions or information about ACAP.