Local city and county entities have given small businesses over $90 million in relief funding during the Covid-19 pandemic, according to data collected by the Tampa Bay Business Journal.
Many cities and counties sprang into action to launch the funds as the novel coronavirus ripped through the region. They often were meant to be complementary to the federal Paycheck Protection Program. Close to 40 Tampa Bay companies applied for PPP loans between $5 million to $10 million.
While PPP funds have halted, many local entities are continuing to help fund Tampa Bay companies. Here's a rundown below.
St. Petersburg
The Fighting Chance Fund launched in April, and according to Jessica Eilerman, small business liaison for the city of St. Pete, the fund has roughly $1 million left. The fund had two rounds for individuals and three rounds for St. Pete-based small business.
Individuals
Phase 1: $334,500 given to 669 applicants
Phase 2: $2.07 million given to 414 applicants
Business
Phase 1: $1.77 million for 355 applicants
Phase 2: $2.07 million for 414 applicants
Phase 3, brick and mortar: $1.36 million for 341 applicants
Phase 3, home-based business: $476,000 for 238 applicants
Tampa
The One Tampa Relief Program was the first to launch in early April, offering funds for both individuals and businesses. Between April to August, 2,308 recipients received $3.33 million in relief aid.
Individuals
• Roughly 1,500 individuals will receive grant relief valued around $1.5 million
Businesses
• Phase 1: 45 recipients received roughly $100,000
• Phase 2: 300 eligible will receive an estimated payout of $1.5 million to $1.75 million (still under process as of July 1)
• Start Up Support Invoking Equity stimulus program: 577 businesses received $2,000 each, totaling $1.154 million
Pasco County
The Pasco Emergency Business Grant launched in April, initially using its Penny for Pasco one-cent sales tax funds before receiving Coronavirus Aid, Relief and Economic Security Act funding.
"Initially, we knew we needed to get funding right away," Bill Cronin, president and CEO of the Pasco County EDC, said. "[The Penny for Pasco program] allowed us to get out money in the local economy. One, to help the companies but two, to get money moving around in the economy. People weren’t buying local; it was all online and not really circulating money."
Pasco Emergency Business Grant
A little over $6 million was distributed to 1,247 companies.
$500 upon completion of grant compliance program
• $181,000 awarded to 362 companies
• $442,500 remaining to be paid to 885 applicants
Pinellas County
The Pinellas CARES Small Business Grant launched in May and gave $16.2 million to 3,249 businesses.
On Aug. 31, the Pinellas CARES Local Business grant program, with a focus on businesses that were deemed most affected and had to either shut down or whose customers were required to stop doing business. That program will have at least $20 million available in funding.
Hillsborough County
The Hillsborough County Rapid Response Recovery Program is processing almost $60 million in Small Business Assistance requests for nearly 4,000 businesses. On Monday, the county announced it launched the fourth phase of the program, with expanded criteria to reach more small businesses.
"We offer the largest award amounts in the state because we knew our program needed to make the difference that will see our businesses through this emergency and allow them the breathing room to adjust their business models," Lindsey Kimball, director of the Hillsborough County Economic Development Department, said in an email.
