Lexington Set To Re-Up Small Business Pandemic Aid
Lexington is preparing to fund a second round of aid for small businesses affected by the pandemic, but the city's Urban County Council is being cautious with the amount.
The council gave preliminary approval Tuesday to another $2.5 million for the Economic Recovery Program, with half the funds targeted toward women and minority-owned businesses.
The original proposal would have reserved $5 million for the second grant program, an amount council member Preston Worley argued for in the meeting.
"We saw last summer how quickly the $2.5 million went, how much benefit the $2.5 million was, and the fact that we have some 30 folks that missed out last time that are already coming looking for help this time," he said.
But the council opted to hold off on allocating the second half of the money until the city has a better idea of where the need stands in the fall.
The grants run up to $25,000 per business or business group. Applicants must employ fewer than 50 people, or fewer than 100 in the case of restaurants, among other requirements.