EL PASO, Texas (KTSM) — On Monday, the El Paso County Commissioners court voted unanimously to utilize $10 million of emergency reserve funding to establish a regional economic relief program.
This funding will help expand existing relief programs as well as establishing new ones.
Roundtable discussions will include variety of grants, low-interest loans as well as forgivable loans targeted for local small businesses.
The County said $850,000 in CARES Act funding will provide economic recovery and assistance.
The Court also approving two small business economic relief programs utilizing any unspent CARES Act. Grants up to $20,000 will be provided for small businesses with 5 to 30 employees who have seen reduction in profits over the course of the pandemic.
Additionally, the El Paso Hispanic Chamber of Commerce will disburse $250,000 in grants to assist businesses for personal protective equipment and commercial mortgage, rental or utility assistance.
“The County is committed to doing everything possible in order to help safeguard the health of its people and to support our struggling businesses during these difficult times,” said County Judge Ricardo Samaniego. “We will employ every tool at our disposal to see our people through this storm and to lead the way toward economic recovery.”
All CARES Act funds will be distributed by the end of the calendar year.