Ivey announces $100M program to help small businesses hurt by the coronavirus pandemic
Governor Kay Ivey on Wednesday announced the creation of a new program called “Revive Alabama” that will allow the state’s small businesses to apply for grants to cover their COVID-19 related expenses.
The total pool of money available to Alabama’s small businesses is $100 million. Each grant is capped at $15,000, and only firms with 19 or fewer employees are eligible.
The grants will be awarded on a first come first served basis. The program opens at noon on July 16 and will run through midnight on July 25.
The Revive Alabama program will be administered through the Alabama Department of Revenue (ALDOR), and all applicants must have a My Alabama Taxes account before they apply for the grants.
Businesses cannot list as an expense something already covered by federal efforts like the Paycheck Protection Program (PPP).
The money for Revive Alabama comes from the $1.9 billion the State of Alabama received as part of the federal government’s CARES Act.
The compromise bill passed by the state legislature that allocated those funds set aside $300 million “for individuals, businesses, non-profit and faith-based organizations directly impacted by the coronavirus pandemic.”
“In many ways, our small businesses were hit the hardest from the coronavirus pandemic,” Ivey said in a statement on Wednesday.
“Ensuring these owners have every opportunity to recoup expenses incurred due the disruption of business is essential to getting our economy roaring once again,” she added.
Full details on the Revive Alabama program, including more specifics on who is eligible and how to apply, is available on the program’s website.