Sponsoring Agency: City of Malden
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 04/08/2021
Size of the Fund: Less than USD $50,000
On behalf of the City of Malden, the Malden Redevelopment Authority is administering an emergency small business assistance program. Businesses with a low- or moderate-income owner and five or fewer full-time employees may be eligible to apply. Priority will be given to minority-, woman-, veteran-, and LGBTQ-owned businesses.
Small business assistance will be provided to eligible Malden businesses affected by COVID-19 who meet certain eligibility criteria and are selected in a lottery. Eligible businesses that are selected in the lottery will be required to provide additional documentation before receiving a grant of up to $10,000.
Eligibility Requirements
• For-profit business in operation since at least January 1, 2021
• Physical brick-and-mortar location in Malden
• Five or fewer full time employees including the owner (full time means 40 hours per week; hours worked by multiple part time employees can add up to full time equivalents)
• Owner (or majority of employees) must be low- or moderate-income
• Documented loss of business income due to COVID-19 must exceed $10,000, after other forms of assistance have been taken into account
• Annual gross revenue in 2020 below $1.5 million
• No tax liens, unpaid city fines, or unresolved city compliance citations.
Low- and moderate-income households are those earning no more than 80% of the Area Median Income. The income limit is based on the number of people in your household (including roommates and children).
Income Limits
Small business owners whose households earn less than the following amounts will be eligible. Low- and moderate-income households are those earning no more than 80% of the Area Median Income. The income limit is based on the number of people in your household (including roommates and children).
• $67,400 for a household of 1 person.
• $77,000 for a household of 2 people.
• $86,650 for a household of 3 people.
• $96,250 for a household of 4 people.
• $103,950 for a household of 5 people.
• $111,650 for a household of 6 people.
• $119,350 for a household of 7 people.
• $127,050 for a household of 8 people.
More information at: https://www.cityofmalden.org/737/Small-Business-Assistance-Program-for-CO
