CLIFTON PARK — The Clifton Park Industrial Development Agency will provide an additional $50,000 to help small businesses pay for personal protective equipment or other measures to reduce the spread of coronavirus, town officials said Tuesday.
The additional funding is on top of $100,000 the IDA took from its fund balance in mid-July — money that is now nearly gone, with nearly 35 businesses having already applied for the assistance.
IDA Chairman Jonathan Schopf said the IDA board approved some applications Monday night and approved some others pending submittal of more documentation. He expects the entire $100,000 to be spent, which is why more funding was authorized.
Grants of up to $7,000 are available to small businesses from the fund, which consists of money collected from fees that businesses pay when receiving IDA financing for relocation or expansion plans.
The qualifying expenses include purchases of PPE, disinfectant, plexiglass shielding, space reconfiguration, and air-handling system upgrades, town officials said. The business must spend the money up front, and then apply to the IDA for reimbursement. So far, Schopf said, the IDA is reimbursing about 90 percent of costs to applicants.
IDA officials said the move not only recognizes the severe financial hardships small businesses have faced because of the pandemic, but is also an effort to assist them. Any business located in the town of Clifton Park which has 50 or fewer employees — small retailers, restaurants, hospitality businesses and others — can qualify. To receive aid, they must have been financially viable prior to the pandemic.
Businesses that are interested in applying can go to the cliftonpark.org website and click the “IDA grant” button, and email the completed application to [email protected], or drop it off at Town Hall. The deadline for the program is Oct. 1.