This is not a first-come, first-serve opportunity. All applications will be treated with the same priority so long as they are submitted between May 11 and May 18, 2020.
FREQUENTLY ASKED QUESTIONS
See the FAQs below for answers to commonly asked questions.
Why are professional and serviced-based small businesses not eligible for the funds?
We understand that all business sectors, including our professional service firms, are hurting right now. In order to maximize the impact of the funds, eligible businesses are restricted to storefronts who were drastically affected by the Governor’s stay-home orders. Financial assistance from this will provide support to retail, restaurant and entertainment-based businesses as they contend with the obstacles of reopening, recovering from losses, and reengaging with a shaken market.
We encourage all businesses in Downtown Royal Oak to look into any and all resources that may be available to them at the county, state, and federal levels. Information on resources available can be found on the DDAs website: https://www.romi.gov/DocumentCenter/View/26382/RO-Resources-for-Businesses_4_6_20?bidId=.
What information will be required for businesses that apply?
Qualified businesses will need to complete an application and provide information about their general financial circumstances, including copies of their last three rent or mortgage payments, and the length of their leases or mortgages.
How much money will each small business receive? Is there a cap on the amount?
At this time the amount each business will be awarded is being determined and will be decided prior to the application period closing. From the submissions, we hope to gain a better understanding of the current economic circumstances facing applicants, which will give us more insight in order to set up guidelines.
Will all small businesses that apply receive funds?
The intention of the Rebound Royal Oak Small Business Recovery program is to fund all businesses that apply and who meet the criteria, however, we cannot guarantee that every business will receive grant funds. All applications will be verified for accuracy by staff. Applications that are found to contain inaccurate information will be disqualified.
Once awardees are approved, how will the grant funds be dispersed?
The grant funds will be disbursed to awardees in two payments: The first will be immediately upon award if they are already permitted to operate, or when businesses reopen after emergency restrictions are lifted; the second payment will be disbursed within four to six weeks after that.
What will happen if it is determined an awardee has used the funds for non business-related expenses?
If it is determined the grant funds were used for non-business-related expenses we will review the situation and determine the best course of action, including legal action.