Mayor Kirk Caldwell has announced an additional $75 million in additional financial support for small businesses affected by the COVID-19 pandemic.
Caldwell said the City and County of Honolulu’s Small Business Relief and Recovery Fund will distribute the money in the form of reimbursement grants, which will not need to be repaid. The size of businesses that qualify for the grants has gone up, and those that have previously applied can return for another round of funding, he added.
“The SBRRF is our primary tool for helping small businesses stay afloat while we work as a community to beat back COVID-19,” Caldwell said. “To better meet the needs of those businesses that are suffering greatly during this pandemic, we are adapting this program with the input of community members.”
More than $50 million in aid has been distributed to over 5,500 small businesses on Oahu. Following an initial $25 million in May, a second $25 million in grant money was added to the fund in mid-June. The city partnered with four local credit unions to review applications and distribute up to $10,000 in reimbursable grants to qualifying businesses.
With this latest round of funding, businesses that have previously received the $10,000 grant can apply for another $10,000 or more, as long as the total amount of funding is $20,000. Those that haven’t yet applied can receive up to $20,000 in aid as well.
The SBRRF website, oneoahu.org, will shut down today in order to transition to the new protocol. Businesses with up to $2 million in annual revenue may start applying at noon Monday when the website reopens.
Businesses with $2 to $5 million in annual revenue may apply for reimbursement grants of up to $50,000. Those businesses may apply online starting October 1.
Caldwell has been joined at the Blaisdell Center by Office of Economic Development executive director Ed Hawkins, Aloha Pacific Federal Credit Union president/CEO Vince Otsuka and Chamber of Commerce Hawai’i president/CEO Sherry Menor-McNamara.
Watch a replay of the media briefing via the video above, or go to Mayor Caldwell’s Facebook page.