Tamarac Economic Development

Tamarac Small Business Stabilization Grant 2020
Economic Development Assistance Program

 The application period is closed. Applications are now being processed. 

   PROGRAM OVERVIEW

Tamarac Small Business Stabilization Grant 2020

2020 Tamarac Small Business Stabilization Grant Flyer 

Small businesses in Tamarac are experiencing significant negative financial impact due to the COVID-19 pandemic. To mitigate barriers to capital for Tamarac’s most vulnerable businesses, the City of Tamarac will commit $100,000 in one-time Community Development Block Grant (CDBG) CARES Act funds to the Tamarac Small Business Stabilization Grant program, an emergency fund that provides grants of $5,000 to qualifying small businesses. The following is the investment criteria for financial support:

Investment Criteria

Eligibility: The program will target small businesses that meet the following requirements:

(1) The business owner’s household income must be at or below 80% of the Area Median Income;
(2) Business must have 15 or fewer employees, including the owner(s);
(3) Business must be located in Tamarac city limits (home-based businesses are ineligible);
(4) Business must have experienced a loss of income due to COVID-19;
(5) Business must have been operating for at least 12-months prior to March 1, 2020;
(6) Business must have a valid City of Tamarac Business Revenue Receipt (Business License).

Targeted Businesses: Do you operate a physical location in Tamarac?  Our priority is to assist small, independently-owned companies that sell products and services to their customers face-to-face.  Businesses that are national franchises or chains, home-based, or restricted to patrons above the age of 18 will not be eligible for award (e.g. bars and cannabis retailers).  

Use of Funds: Grant funds will be awarded directly to businesses via direct deposit to put toward operating expenses of the awarded business such as rent or mortgage, payroll and/or utilities.

Key Investment Criteria
Description
Small BusinessThe business should consist of 15 employees or less
80% Median Income
The business owner must have an income at or below 80% Aea Median Income*
Physical LocationThe business physical location must be within Tamarac city limits. Home-based businesses will be ineligible.
COVID-19 AffectedThe business has suffered a loss of income due to COVID-19


*80% Area Median Income - 2020
# of People in Household
1
2
3
4
5
6
7
8
Household Income$49,950$57,050$64,200$71,300$77,050$82,750$88,450$94,150

Timeline

Applications will be made available online and accepted for a one-week period, beginning at 9 am August 24, 2020 through 5 pm Friday August 28, 2020 at www.Tamarac.org/EconomicDevelopment. Eligible businesses are encouraged to collect required documentation in advance prior to application period opening. 

Grants will be awarded to qualifying businesses for completed applications with all required documentation submitted on a first-come, first-served basis until funds are exhausted.  

Application Process

Applications will be made available on the website at 9 am on Monday, August 24. Business owners are encouraged to collect required supporting documentation in advance.  

All submittals will be timestamped and then reviewed once the application period is closed. There are two options to submit timestamped applications and required documentation while applications are accepted August 24-28, 2020:  

Complete ONLINE application and upload required supporting documentation at www.Tamarac.org/EconomicDevelopment; online submittals will be automatically timestamped.

 —OR—

 Drop-off complete paper application with required documentation at Tamarac City Hall, 7525 NW 88th Ave, Tamarac, FL 33321.

  • Applications may be downloaded and printed (no application forms will be given out); 
  • Paper applications should be organized, labeled and placed in a SEALED envelope with required supporting documentation; 
  • Collect time-stamped label at City Hall main front door during business hours (the building is currently closed to the public but building security and the City Clerk’s office will assist)
  • Place stamped label on sealed envelope (all envelopes must have stamp label) and leave with City Hall staff

 Funding Process

  1. Application: Applications will be accepted for one week, August 24-28, 2020.
  2. Initial Screening: City will conduct an initial screening for completed applications and supporting documentation and program eligibility. Applications will be reviewed in the order in which they were received/timestamped.
  3. Process: Complete submissions (applications and required supporting documentation) will be granted awards on a first-come, first-served basis until program funds are exhausted.  The City will need to complete federally required 3rd party income verification and income certification procedures.
  4. Contract Agreement: City staff will contact business owner awardees via email and phone, and business owner will have 48-hours to verbally accept award and to arrange for signed contract agreement with the City which is necessary in order to receive the grant.
  5. Award: Recipients will receive award directly in the form of a check or via direct deposit. Business owners will need to provide their Social Security Number (SSN) OR Individual Taxpayer Identification Number (ITIN) number OR Employer Identification Number (EIN).
  6. Feedback: Recipients will agree to participate in a survey 6 months after receiving award to assess financial health of the business.

Click Here for Frequently Asked Questions and Documentation Required to Apply

Thank you for your interest in the Tamarac Small Business Stabilization Grant program.  

This program was made possible by Community Development Block Grant (CDBG) emergency funding through the CARES Act. CDBG is a type of federal funding with specific funding eligibility criteria that necessarily shaped the program requirements and documentation for our Stabilization Fund awards.