The City of Denton was allocated $23.29 million in federal aid across two years. Half of this funding ($11.65 million) became available in May 2021, and the remaining half became available in May 2022. As part of the Fiscal Year 2021-2022 budget adoption, City Council approved the use of State and Local Fiscal Recovery Funds (SLFRF) to fund a grant program supporting small businesses.
Eligible businesses must be able to demonstrate an economic loss associated with the COVID-19 global pandemic as required by the SLFRF program and must be in the City of Denton. Applicants may apply for up to $40,000 of their business property rent or mortgage payments.
The City of Denton received 43 applications for the Small Business Rent/Mortgage Relief Program of which 37 were eligible to receive funding. The City awarded $913,700 to the 37 eligible businesses with an average award of $24,694. Businesses will be required to spend their award within 12 months and report on their use of funds at 6 months and 12 months.