Boundary County businesses receive more than $500,000 in relief funding
BONNERS FERRY — A total of 69 businesses in Boundary County received $572,188.42 in small business grants that are funded by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) — a $2 trillion economic stimulus bill passed by Congress and signed into law by President Donald Trump.
The smallest grant received was for Bonners Books, which received $1,783, citing use of funds for inventory, rent and utilities. The business lists five employees and received funds on May 15.
House of Bounce, a business that recently closed its brick-and-mortar location due to a lack of patronage, switched to a jumper rental service.
“Since reopening after COVID we have only seen 20-25% of our typical sales and it has not been improving,” House of Bounce officials shared on the business’ Facebook page. “We will still be renting out our bouncers if you want one for a family reunion, birthday party or wedding.”
House of Bounce received $5,023 for rent and utilities and reported having five employees; the funds became available on June 2.
Thirty-eight businesses have received the maximum amount of $10,000 from the small business grant in Boundary County.
Some of the businesses that received the benefits include Boundary Volunteer Ambulance, Oriental Gardens, Chic N Chop, Boundary County Historical Society, Far North, Struggling Teens and 32 other small businesses.
The Kootenai Valley Times received a maximum grant award. The application cited rent, inventory, utilities, and personal protective equipment as the reason for funding, salaries for three individuals and that it is not a self-employed business. Funds became available on May 19.
Overall, Boundary County businesses only received 1 percent of the grant money given to companies throughout Idaho. The largest recipient county of grant money is Ada County, which received $15,615,239.28, which accounts for nearly 28 percent of distributed funds. Neighboring Bonner County received $2,022,429.62 in small business grants.
According to Idaho Rebound’s website, The U.S. Treasury guidance allows the state to use Coronavirus Relief Fund dollars for expenditures “related to the provision of grants to small businesses to reimburse the costs of business interruption caused by required closure.”
Grants are provided on a first-come, first-served basis and will continue until funds run out or until July 17.
Businesses that have an employer identification number, one or more employees can qualify for the small business grant. Companies that are Partnerships, C-Corps, S-Corps, LLCs 501(c)(3) nonprofits, 501(c)(6) organizations, 501(c)(19) veteran’s organizations and Tribal businesses (sec. 31(b)(2)(c) of Small Business Act) qualify for the grants.
Detailed in the Idaho Rebound’s website, “In cases where the eligible entity has received insurance compensation, an SBA-backed Paycheck Protection Program (PPP) loan, or other federal assistance less than $10,000, the grant will be the difference between the award amount and the insurance compensation or loan.”
The business seeking funding must have a qualified business interruption that can include reduced sales or suspended operations, increased costs related to COVID-19 prevention measures or disrupted supply network, leading to a shortage of critical inventory or materials.
Applicants that claim an interruption may report and use grants for personal protective equipment (PPE), inventory, equipment, rent and utilities.
The information provided is by Transparent Idaho, a government transparency site run by Idaho State Controller, Brandon D Woolf.