Did you know there’s $1.5 billion in economic development assistance available for communities to prevent, prepare for, and respond to the coronavirus?
The Economic Development Administration (EDA) was provided with $1.5 billion through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The EDA CARES Act Recovery Assistance program assists communities and regions to respond and recover from the impacts of the coronavirus pandemic through a wide range of financial assistance opportunities.
EDA CARES ACT ELIGIBILITY
Not sure if your community is eligible for the funding?
Guess what…every community in the country is eligible. The EDA determined that all communities have been economically injured by the coronavirus impact, and therefore, qualify to apply for the EDA CARES Act.
Communities and regions must explain how their project would “prevent, prepare for, and respond to coronavirus” or respond to “economic injury as a result of coronavirus,” which is the biggest piece of criteria for funding.
State and local governments, higher education institutions, and not-for-profit entities are all eligible. Individuals, for-profit entities, and small businesses are not eligible for EDA CARES Act funding.
EDA CARES ACT PROJECTS
To be considered for funding, the EDA states that projects must prevent, prepare for, or respond to coronavirus or respond to the economic injury caused by the coronavirus.
There are many project types that may be considered for EDA CARES Act funding. The key to a project being eligible for consideration is its relation to the coronavirus response, economic impact, and its benefits to the community.
Just a few project examples include:
- Economic recovery planning
- Preparing or updating resiliency plans
- Constructing public works projects and facilities to support economic recovery
- Deployment of broadband to support telehealth
Not sure if your project applies? Interested in learning more? We are here to help!
Contact Dax Norton at dnorton@msconsultants.com.