Freeholder Director Thomas A. Arnone said this week the county will allocate $10 million from the CARES (Coronavirus Aid, Relief and Economic Security) Act to supplement the Community Development Block Grant – Coronavirus (CDBG-CV).
The funding will be utilized to provide grants of up to $10,000 to businesses with up to 50 employees.
“While some other counties have chosen to utilize the New Jersey Economic Development Authority, Monmouth County will be administering these grants directly because no one knows our small businesses like we do,” said Freeholder Director Arnone. “I have been in constant contact with small business owners and chambers of commerce throughout this pandemic and will continue to work with them to assist in any way I can.”
The CDBG-CV was received through the County’s Office of Community Development in the amount of $1.59 million.
“My fellow Freeholders and I realized that the $1.59 million from the Community Development Block Grant for COVID would not provide sufficient funds to reach all small businesses in the county due to restrictions and guidelines put in place by the federal government and HUD,” said Arnone, liaison to the Division of Economic Development. “The Board unanimously passed the resolution to share supplemental funds from the CARES Act to the Monmouth County small businesses and nonprofits to provide them with relief during this pandemic.”
The U.S. Department of the Treasury instituted the CARES Act to provide fast and direct economic assistance for American workers, families and small businesses. The goal of this economic relief package is to preserve jobs and lessen the economic impacts of the health pandemic.
Congress provided $5 billion in CARES Act funding for the CDBG-CV, a program developed by the U.S. Department of Housing and Urban Development (HUD). The second round of CARES Act money for CDBG-CV, amounting $1 billion, will target public health, coronavirus as well as housing and economic disruption needs. The Grant was distributed to state and local governments and the County is awaiting further direction about properly allocating funds from HUD.
“Throughout this pandemic in Monmouth County, countless residents have filed for unemployment and small businesses have shut their doors,” Arnone said. “These grant dollars will help support and recover our county economy as we continue to curb COVID and in the United States.”
More information on the CDBG-CV will be made available in the coming weeks on www.visitmonmouth.com.