Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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Georgia
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on October 5, 2020.
For more up-to-date information on the relief programs available in Georgia, we recommend that you visit the COVID-19: State Services in Georgia website, the Department of Public Health's COVID-19 Materials and Resources or the Department of Community Affairs' COVID-19 Resources.
Description of Program and Relief
Small Business Relief Loan Program
In response to the economic hardships experienced by businesses resulting from the COVID-19 pandemic, the City of Augusta is launching the CV-19 Small Business Relief Loan Program. The goal of this program is to keep businesses open and retain jobs by providing loans to small businesses that are at risk of closing or laying off employees as a result of the economic downturn resulting from the COVID-19 pandemic.
Under the program, payments will be deferred over the term of the agreement and loans will ultimately be forgivable unless a business fails to comply with the terms of its Agreement. In that case, the borrower must repay the loan balance.
Government or Lead Agency
Augusta-Richmond County Housing and Community Development (HCD)
Dates Available
Currently available until all available funds are expended.
Eligibility Requirements/Restrictions
The maximum possible loan per business is $5,000.
Requirements for businesses to be eligible include:
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Business must be a for-profit or non-profit business located in the City of Augusta with 10 or fewer employees and $500,000 or less in annual gross revenues at the time of application to the Small Business Relief Loan Program;
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Applicant must be the majority owner (greater than 50%) of the business;
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Applicant must provide (1) first quarter financial statements for 2020 (financial records covering January 1 to March 31, 2020), and (2) first quarter financial statements for 2019 (or another comparable 2019 quarter);
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Applicant must provide evidence that the business is able to retain jobs (i.e., not lay off or furlough employees) for at least 1 year as a result of the loan;
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Business must be (1) current with all local, state, and federal taxes and fees, (2) in compliance with all City of Augusta business obligations including, but not be limited to, licensing, insurance, taxes, and zoning/land use requirements, and (3) not in bankruptcy.
To be eligible, businesses must provide the following documents:
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The business’s most recent IRS 1040 Form;
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Business operating agreement (if business has multiple owners);
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Income and conflict of interest self-certification form (included in the application form); -
The business’s previous 8 weeks of payroll information;
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The business’s liability insurance (or ability to obtain such insurance);
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The business’s DUNS Number (if you don’t already have one, go here to get one for free) and the business’s SAM registration number with the Federal Government (if you don’t already have a SAM registration, go here to get one for free); -
2020 Q1 Financial Statements (financial records covering Jan. 1, 2020 to March 31, 2020)
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Previous Year (2019) Quarterly Financial Statement*, preferably Q1 (period covering Jan. 1, 2019 to March 31, 2019)
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If the business did not operate in Q1 2019, a different Quarterly Financial Statement may be submitted to demonstrate the Financial Loss suffered because of the COVID-19 public health emergency and resulting economic downturn.
* For purposes of the loan program, a “Quarterly Financial Statement” is a summary or collection of unaudited financial statements, such as balance sheets, income statements, and cash flow statements, issued by companies every quarter (three months). In addition to reporting quarterly figures, these statements may also provide year-to-date and comparative (e.g., last year’s quarter to this year’s quarter) results.
Application Deadlines (If Applicable)
Applications will be accepted on a rolling basis until all available funds are committed to eligible business.
Contact for More Information
Contact Augusta-Richmond County Housing and Community Development (HCD) at (706) 821-1797 for additional information and/or clarification.
List of Additional Information
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.