Mayor Michael Victorino announced Wednesday the launch of a $1 million Small Business Mortgage & Relief direct payment program to provide a lifeline for businesses struggling to survive COVID-19 impacts. The County of Maui is partnering with the Maui Chamber of Commerce, which is administering the mortgage and rent relief program.
“Commercial rent and mortgage relief is a top priority for most businesses,” Mayor Victorino said. “This CARES Act funding provides a lifeline to help businesses survive the COVID-19 pandemic and recession. Small businesses are the backbone of our economy, providing goods and services to our community and jobs that keep food on the table for local families. We need to help these businesses remain open, especially as we are getting back on the road to economic recovery.”
Beginning tomorrow, interested business owners can visit MauiChamber.com and click on the Small Business Mortgage & Rent Relief button. There, prospective businesses can find applications and information on eligibility, requirements, needed documentation and funding.
Applications will be taken until November 15, 2020, or until funds are exhausted.
“We are grateful to Mayor Victorino for this CARES Act funding to provide urgent commercial mortgage and rent relief to qualified small and economically disadvantaged businesses located in Maui, Molokai and Lanai,” Maui Chamber of Commerce President Pamela Tumpap said. “This will relieve a portion of their now unmanageable commercial mortgage or commercial rent debt. It also benefits commercial lenders and lessors by helping them pay mounting utility and maintenance bills that have been piling up as well.”
The Small Business Mortgage & Rent Relief direct payment program provides payments of up to $12,500 or $25,000, depending on the number of employees and business revenue in 2019. Funds will be awarded until they are exhausted. Payments will be made directly to the small business’ commercial lender or commercial lessor.
Applications are taken on a first-come, first-served basis. Incomplete applications are held until all required information is submitted. The award of funds is based on funding availability, and current need and hardship. Also, awards of funds take into consideration the likelihood of a business continuing to operate in the future with assistance provided.
Applicants may apply only once, with only one application per married couple, even if both individuals own businesses. Business owners who own all or a portion of multiple businesses or are in a partnership in more than one business should apply for the business with the greatest need.
The program is NOT available to:
The program is not applicable to future commercial mortgage or rent beyond the application month.
Applicants are required to submit a completed certification that they did NOT receive assistance from the Kokua Maui County Small Business Recovery & Relief Fund, the Maui County Adaptability Fund, and/or the Maui Chamber of Commerce Micro Business Loan Program.
For more information, visit www.MauiChamber.com or call (808) 244-0081.