HARRISONBURG, Va. (WHSV) - Through the Federal CARES Act funding, the City of Harrisonburg will be able to help businesses that are a part of the disaster impact loan program by making sure they do not have to pay it back.
In March the city bean issuing loans up to $5,000 to help small businesses impacted by COVID-19.
According to Peirce Macgill with Harrisonburg Economic Development, they issued more than 20 loans that summed up to more than $100,000.
The loans were interest-free on a three-year term with the first repayment to be made in 90 days.
On Tuesday night, Harrisonburg City Council voted to use some of the city’s $4.6 million in CARES Act funding to relieve those businesses of their loans.
“What council did is take some of our CARES ACT money and use that to convert these 23 loans into grants,” Macgill said. “So essentially these were funded through CARES money, instead of our original loan program.”
For business owners like Paul Hansbarger, of Lineage in Agora Market, the news was a sign of relief.
“The grant has helped us quite a bit and has helped us keep our staff on payroll and with our bills to get through this time,” Hansbarger said. “If we hadn’t received it, things might look a lot different. "
Hansbarger said he and his team have been able to still sell products online for customers but is looking forward to July 9 when Agora Market will reopen.
Shops will be open again at Agora Market for three days a week on Thursday, Friday, and Saturday for limited hours.
Hansbarger said in mid-July, Lineage will be finishing up their production space near North Liberty Street.
Harrisonburg Economic Development will be looking into more programs that can benefit local businesses during the pandemic
Copyright 2020 WHSV. All rights reserved.
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June 25, 2020 at 06:52AM
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Harrisonburg drops repayment for businesses in disaster impact loan program - WHSV
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