The Economic Development Administration has begun taking applications for their funding opportunity (NOFO) CARES Act. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Trump on March 27 to provide the U.S. Department of Commerce Economic Development Administration (EDA) with $1.5 billion for economic development assistance programs to help communities “prevent, prepare for, and respond to coronavirus.”
CARES Act Funding
This program will fund eligible economic development projects 80% and up to 100% under certain conditions. Eligible applicants include local governmental entities, institutions of higher education, not for-profit entities, and federally recognized Tribes.
The EDA’s requirements are that projects must have a commercial/industrial benefit, and that multiple current or incoming businesses benefit from the project.
Here are the types of projects that the EDA has funded in recent years:
- Infrastructure – Water and sewer
- Industrial parks – New or expansion of existing
- Workforce training facilities
- Business incubators
- Brownfield redevelopment
- Technology-based facilities
- Multi-tenant manufacturing facilities
- Science and research parks
- Telecommunications infrastructure and development facilities
- Revolving loan funds
- Economic diversification
- Travel and tourism marketing campaigns
The above projects are examples of projects that will be funded, but it is not limited to these types of projects. Projects that specifically address COVID-19 issues, or a project that would allow for resiliency from this pandemic, would have a great opportunity to receive funding.
Applications for the CARES Act
The EDA will award grants to successful applications on a rolling basis. EDA began accepting applications on May 7, 2020 and will deploy its CARES Act funding as quickly, effectively, and efficiently as possible, and in a manner that meets the needs of these communities.
Funding for eligible projects available on a “first come, first served” basis, so communities and organizations seeking funding should act fast.
Contact us at firstname.lastname@example.org for more information on how to get your application started. For information and frequently asked questions regarding the CARES Act, visit the FAQs page of the EDA website.