A brand new spherical of grants for hospitality companies in Bucks County will open this month.
The county COVID-19 Hospitality Industry Recovery Program will supply grants of $5,000 to $50,000 to qualifying hospitality companies impacted by the COVID-19 pandemic. The grant program is being funded by $7.1 million in state funds administered by the Pennsylvania Division of Neighborhood and Financial Improvement.
The applying will open March 15 and shut April 2 on the Redevelopment Authority of Bucks County website.
To qualify below this system, a enterprise should be a for-profit firm with a tangible value of not more than $15 million, and should doc no less than a 25 p.c drop in 2020 income. Eligible companies additionally will need to have an NAICS classification code of 721 or 722, designating companies that provide lodging and/or foods and drinks.
Permitted grants can be awarded within the order they’re obtained.
In 2019, the final full 12 months earlier than the pandemic, Bucks County’s tourism trade reported a record-breaking 8.29 million guests, $1.1 billion in financial influence, and supported 29,000 jobs.
“These new grants are vital to our efforts to assist our small companies within the hospitality trade,” Bucks County Commissioner Bob Harvie in a press release. “We’re grateful to the state for recognizing this want and admire the assistance of our financial growth businesses to get this cash into the fingers of people that really want it.”
The Bucks County grant program is being administered in partnership with the Bucks County Financial Improvement Company, the redevelopment authority, and Go to Bucks County.
“Hopefully we can be getting this cash out into the hospitality trade and to the companies that want it essentially the most – shortly,” mentioned Bucks County COO Margaret McKevitt.
Questions might be directed to Deanna Giorno, Bucks County Financial Improvement program supervisor, at [email protected].