by Sahar Chmais
Buda businesses will have another chance to apply for the Still Budaful Stimulus 2.0 program, even if they have already received funds; during the city council meeting Wednesday night, members approved the newer, laxer qualifications.
The 2.0 stimulus program originally had $250,000 worth of funds and has about $168,000 left to give to businesses. Changes were made by the Buda Economic Development Corporation because they were still seeing businesses in need of help, said Traci Anderson, executive director of BEDC.
The new regulations have removed the two-employee minimum, but still kept the maximum at 50 employees. There is no longer a cap on revenue loss; prior to the changes, the BEDC required businesses to show a loss of at least 25% in revenue. Anderson said that some businesses had big losses in dollar amount, but it would only show a 22% or 23% loss, so removing that regulation can help more businesses.
BEDC has also increased the amount a business can receive. Previously, businesses could only get $5,000, that amount has doubled. Any businesses that have applied before can reapply and get another fund, but the overall amount they can receive from all rounds is $10,000.
There are still some Buda businesses which need assistance, even though they applied and received money, Anderson said, explaining why the city expanded its requirements.
All council members on the call approved the new changes.
“Great program,” Mayor George Haehn praised the BEDC. “I’m hoping we can help as many businesses as possible in Buda.”