HomeAtl HubAtl Hub NewsMonmouth freeholders to allocate $10M CARES Act funding to small business community

Monmouth freeholders to allocate $10M CARES Act funding to small business community

On behalf of the Monmouth County Board of Freeholders, Freeholder Director Thomas A. Arnone has announced that the county will allocate $10 million from the federal Coronavirus Aid, Relief and Economic Security (CARES) Act to supplement the Community Development Block Grant – Coronavirus (CDBG-CV).

The funding will be used to provide grants of up to $10,000 to businesses with up to 50 employees, according to a press release from the county.

“While other some counties have chosen to use the New Jersey Economic Development Authority, Monmouth County will be administering these grants directly because no one knows our small businesses like we do,” Arnone said.

“I have been in constant contact with small business owners and chambers of commerce throughout this pandemic and will continue to work with them to assist in any way I can,” he said.

The CDBG-CV was received through the county’s Office of Community Development in the amount of $1.59 million.

“My fellow freeholders and I realized the $1.59 million from the Community Development Block Grant for COVID would not provide sufficient funds to reach all small businesses in the county due to restrictions and guidelines put in place by the federal government and the U.S. Department of Housing and Urban Development (HUD),” Arnone said.

“The board unanimously passed a resolution to share supplemental funds from the CARES Act to Monmouth County’s small businesses and nonprofits to provide them with relief during this pandemic,” he added.

The U.S. Department of the Treasury instituted the CARES Act to provide fast and direct economic assistance for American workers, families and small businesses, according to the press release. The goal of the economic relief package is to preserve jobs and lessen the economic impacts of the health pandemic.

Congress provided $5 billion in CARES Act funding for the CDBG-CV, a program developed by HUD. The second round of CARES Act money for CDBG-CV, amounting to $1 billion, will target public health, coronavirus, and housing and economic disruption needs. The grant was distributed to state and local governments and the county is awaiting further direction about properly allocating funds from HUD, according to the press release.

“Throughout this pandemic in Monmouth County, countless residents have filed for unemployment and small businesses have shut their doors,” Arnone said. “These grant dollars will help support and recover our county economy as we continue to curb COVID here and in the United States.”

More information about the CDBG-CV will be made available in upcoming weeks at www.visitmonmouth.com, according to the press release.

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