When the COVID-19 pandemic first struck in the United States, many businesses were forced to close for several weeks. Since then, over 100,000 businesses have closed according to Yelp data. The damage that the pandemic inflicted on the economy is unprecedented, but Alamo stepped up by creating the Alamo COVID-19 Assistance Program (ACAP).
How it was Created
After the Coronavirus Aid Relief and Economic Securities Act, or CARES, was passed by the federal government in March, it allocated over $2 trillion to help individuals and businesses affected by the pandemic.
Through the CARES Act, Hidalgo County received $151 million from the federal government, which was then divided to help cities and programs in the area. Alamo received $2.2 million in funds and used approximately 20% for the Alamo COVID-19 Assistance Program.
How it Helped
The city chose the Alamo EDC to distribute ACAP funds. Between July 1st and September 30th, a total of $417,749.38 was distributed amongst residents and businesses. 62 Alamo residents received rent and mortgage assistance and 54 small businesses received help with operating costs.
The small business owners that applied for the program were eligible for up to four months’ worth of operating expenses with a maximum assistance payment of $5,000. Residents were also eligible for up to four months’ worth of rent or mortgage payments with a maximum assistance payment of $5,000 as well. This goes to show just how serious we are to helping our community and economy. The City of Alamo will always be ready to do what it can for the community.
We Want to Help Your Business
Although the ACAP ran its course, the Alamo EDC continues to help. We have several incentives, including the Micro-Loan Program and the Revolving Loan Program, that help businesses to relocate, start up, or expand!. Contact us today to learn more.