By LOIS KINDLE
Hillsborough County released some good news Aug. 31 for businesses trying to recover from the effects of the COVID-19 pandemic.
Its Economic Development Department has begun managing Phase 4 of the R3 Rapid Response Recovery Assistance Program with some significant changes in place to help.
Lynn Kroesen CEcD, manager of the Economic Development Department Entrepreneur Collaborative Center.
“We’ve revised it to include increased award amounts, where businesses who may have qualified for $7,500 to $10,000 may now potentially qualify for up to $40,000,” said Lynn Kroesen CEcD, manager of the Economic Development Department Entrepreneur Collaborative Center. “This funding was received from the CARES Act and approved by the Hillsborough County Board of County Commissioners, specifically for business financial assistance.”
The County initially received $100 million to do this, she said. Going into Phase 4, it currently has 3,600 applications submitted with requests for $55 million in assistance.
The general eligibility criteria for consideration include:
1. Must be a small for-profit business based in Hillsborough County with an annual gross business revenue of between $40,000 and $20 million. The funding may be used for operational costs, including payroll, inventory, rent and the like, provided the business qualifies.
2. Must have suffered the loss of business revenue or jobs directly related to the COVID-19 pandemic.
3. The business must have been in operation before Jan. 1, 2020, and open for business and operational in some capacity at the time of application.
Awarded funds can be spent on any business-related expense, such as employees’ wages, mortgage, rent, vendor invoices, utility bills, payroll and other costs, so long as these expenses are not paid for by insurance or another federal assistance program.
Fixed funding amounts are determined by the number of employees for each qualified business: zero to two employees can receive $10,000; three to 10, $20,000; 11 to 20, $30,000; and 21 or more, $40,000.
“This program was designed to target small businesses that did not qualify for other Federal funding, including PPP,” Kroesen said. “Those who did, however, are not disqualified from applying for R3 funding, as long as they meet the County’s criteria.”
This funding for financial assistance isn’t a loan requiring pay back.
“With the latest expansion of the program, we encourage the owners of qualified businesses to apply for this financial assistance,” Kroesen said, noting the application has been streamlined and simplified. “Visit our website, www.HCFLGov.net/R3Biz, for information on the criteria and documents required.
Kroesen said once documentation is gathered, by following the application guidelines, the entire process should take less than 20 minutes to complete and submit, and by signing in with the account the applicant creates, business owners will be able to follow their applications as they progress through the process.
Sometimes, one simple missing piece of information can delay processing, so it’s critical to review everything before submission. The County will notify applicants through the application portal (open 24/7), if there are any items needing to be addressed.
Applications may be made now through Dec. 1 or until the County’s funding is exhausted. So anyone who qualifies and is interested should apply as soon as possible.
“Kudos to Hillsborough County for rolling out the R3 program and making these latest changes to help even more people,” said Melanie Davis, executive director of the SouthShore Chamber of Commerce. “Every small business should give it a shot. Getting this kind of assistance can provide the much-needed boost our businesses need to hang on right now. It could mean the difference between being open or closed for many.”
At 2 p.m. Sept. 3, the County will host a virtual information session in English via GoToWebinar to learn more about the program and how to apply. Visit https://register.gotowebinar.com/register/5124409588817088258. Another will be held at 3 p.m. in Spanish.
For assistance or more information on the Phase 4 application process, call (toll-free) 888-393-7509.
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