HILLSBOROUGH COUNTY, Fla. — Hillsborough County's Rapid Response Recovery Program is being reformatted so more businesses can qualify for assistance.
The county said there is still plenty of funding available, but it will pause taking applications at 6 p.m. on Thursday, August 20 so the portal can be redesigned with new criteria.
The program will open Phase 4 for applications with new criteria on August 31.
Through the first three phases, Hillsborough County has been working with more than 3,000 small businesses on funding.
Phase 4 is designed to expand access to more businesses and to increase award amounts, simplify qualifications and make applications easier.
Some Phase 4 program changes include:
- Increasing awards to up to $40,000 for operational/working capital expenses to provide an immediate infusion of capital to local small businesses with between $40,000 and $20 million in annual revenue
- Basing awards on the size of the small business, with tiers based on the number of employees
- Expanding eligibility to businesses established before Jan. 1, 2020
Here is how existing applications and awards are impacted by Phase 4:
- Small businesses who have already been approved and paid will automatically receive a supplemental award equal to the amount they would have received under Phase 4 guidelines.
- All applications under review from Phases 1-3 will have their award amounts automatically determined based on the more favorable Phase 4 scale.
- Applicants who were denied in Phases 1-3 but may now qualify under the Phase 4 criteria can simply resubmit their existing application after August 31