Myrtle Beach small businesses can seek relief money, but it won’t come until spring
Myrtle Beach and Horry County plan to soon hand out thousands of dollars in grants to help small businesses suffering due to COVID-19.
But there’s little chance of seeing any funding before the end of winter, when many businesses need help the most even in normal years.
Revenue for Myrtle Beach businesses typically slows during the winter. The cooler weather and holiday season limit the amount of tourists coming to the beach. Some businesses like hotels and restaurants did see a small bump in Thanksgiving traffic, giving a hope for a stronger winter. Yet, many still worry about how they will pay rent come January, said Tim McCray, an S.C. official who has helped small and minority-owned businesses apply for aid this year.
“Some of these small businesses (are) already dying right now,” said McCray, a community outreach coordinator for the S.C. Commission on Minority Affairs. “So there’s a need, but I don’t see any other program besides this one.”
Various rules and regulations prevent the municipalities from handing out money any sooner than 90 days after an application is submitted. However, pending final approval, money will typically be committed within 30 days of application submission, which local officials hope will help businesses see the light at the end of the tunnel.
The city and county opened applications last Friday.
“This is a slow period for tourism, and we felt that a lot of the businesses could really use the extra shot in the arm at this point of the year,” deputy city manager Fox Simons said.
‘Stability within our economy’
For-profit businesses within the city that employ 25 or fewer full-time equivalent employees that can demonstrate economic hardship caused by the COVID-19 pandemic are eligible for the $1,000-$25,000 grants. Applicants must be 51% majority owners of their business and retain at least one full-time equivalent job held by a member of a low-to-moderate income household for 90 days.
“We’re trying to create a level of stability within our economy, our local economy” with this program, said Courtney Frappaolo, Horry County’s Community Development Director.
The money can be used for rent, payroll and other working capital, like essential maintenance, and does not have to be paid back. It cannot be used to pay off non-business debt or other personal expenses. It will be handed out once the business shows proof of retaining the jobs of low- to moderate-income individuals for 90 days.
The nearly hundreds of thousands of dollars in grants the city and county will hand out comes from the CARES Act. And while the act passed in March, Simons said he felt it was important to implement the program now, the hardest time of the year for coastal businesses.
“We’re very excited to be able to provide this program to our community, to the business community,” Simons said. “This is a really slow time for a lot of businesses right now, so we wanted to strategically plan this out to be able to have the most benefit that it could. We’re trying to trying to be as generous as (possible). I mean, we want to give the money away.”
Concerned about slow handout
McCray said one of his biggest concerns is whether hope for seeing money as late as February or March is enough to get small businesses through the dead of winter.
“Can we get the funding before the winter is over to be able to sustain some of the businesses?” he said. “I think that’s the biggest issue right there. It’s a great program. But will it be able to work? How can it get across? Some of these businesses got needs right now.”
The program is similar to one offered in October by the state, which gave CARES Act money to small and minority-owned businesses on a much faster timeline. Businesses could expect to see funding in as little as six weeks. For the nearly 2,000 businesses approved so far by the state, McCray said, that funding arrives just in time for the start of the chilly season.
These new grants, however, are only for businesses within the City of Myrtle Beach and unincorporated parts of the county.
“The CDBG small business relief program is another important opportunity for our small businesses to get the relief they badly need to keep their businesses going,” said Karen Riordan, CEO of the Myrtle Beach Area Chamber of Commerce. “We are pleased to see the application process opening and encourage every small business to check to see if they qualify, and then swiftly apply for needed financial assistance.”
Apply as soon as possible, Simons said. The deadline for the first round of applications is Jan. 29, 2021.
