The Still Budaful Stimulus Program will bring monetary relief of $485,000 to businesses in Buda that have suffered due to COVID-19.
On Tuesday night, city council members approved these expenditures and praised the relief this stimulus package will bring to businesses and employees.
The Buda Economic Development Corporation will fund the city with $210,000 and the city will contribute $170,000. Other types of fees will be waived, hotels will receive tax relief, two months’ suspension of utility disconnects and more will complete the $485,000 funds.
Businesses eligible for financial relief include those who have 50 or fewer employees, businesses with physical and publicly accessible locations, must be registered with the Texas Comptroller’s Office, licenses and permits must be current, activities must be legal, and they must have experienced decline in revenue or employment. Those who experienced a loss in revenue and a loss in employment are eligible for the full $5,000 fund.
National chains, home-based businesses, non-profit organizations and permanently closed businesses are ineligible for this stimulus.
Approved expenses include: rent/mortgage, employee support, utilities, purchase of supplies that offer alternate business access, purchase of supplies for cleaning and protection against COVID-19 and any additional expenses as a result of increased cost from suppliers.
If a business submits falsified information, they will have to pay the funds back.
The money will be provided on a first-come first-served basis and the approval status will be communicated within five to seven business days.
Staff will make more adjustments if necessary. Private donations are encouraged to provide more grants.
The program will be launched on April 10.