Covington Launches Funding Program for Legacy Businesses
An emergency fund created by the City of Covington to help small businesses pay rent and mortgages during the pandemic has been expanded to help long-established businesses that neither pay rent nor have a mortgage.
So-called "legacy" businesses must have been operating in Covington since at least the year 2000 and can qualify for a one-time payment of up to $2,000, said Ross Patten, the city's economic development program manager.
"Covington has a wide array of businesses that have been investing here and have been vested here for a long time," Patten said. "We want to reward these established businesses with a helping hand - just because they own their building doesn't mean they're not hurting right now because of the pandemic."
Some 32 businesses have already been approved under the initial parameters of the Emergency Disaster and Rent & Mortgage Business Assistance Program, which reimburses up to half of an applicant's monthly rent or mortgage payment, or $500, whichever is less. Businesses can receive up to four months' assistance.
Under an executive order signed by Covington Joe Meyer on Thursday, the application and the program guidelines have been updated to reflect the new eligibility. To apply or learn the details of the program, click here. An application doesn't guarantee funding, a news release said.
Questions should be sent to Patten via email at [email protected].