BEDC Awards $176,000 in Third Round of Grants to Assist Bastrop Businesses Affected by COVID-19
28 Aug 2020
The Bastrop Economic Development Council awarded an additional $176,000 in its third round of grants to City of Bastrop businesses during its specially called meeting on August 26, 2020. The BEDC, through a series of special meetings and four resolutions since April, passed and approved $576,000 to local businesses to help them recover from the COVID-19 pandemic.
The criteria for each round was more stringent than the previous round. For the third round, an additional metric was required to be met. A business was required to provide a net loss in revenue over 25% for either of the months of June or July 2020 when compared to the previous year. Each of the new 11 business who were awarded a grant on Tuesday also had to complete the first two rounds of requirements, in addition to the third round 25% loss requirement.
“Requiring the same guidelines of all businesses was to ensure complete fairness and equal comparisons for distribution amounts.” Said Cameron Cox, Bastrop EDC CEO. During this third round of grants, the BEDC decided to evaluate only those businesses who were suffering at a loss of around 25% year-to-year, or more.
“We learned from this third round of grants that the businesses in Bastrop are doing better going into September than they were in March, April and May,” says Cox. “We also learned that the industries still suffering the most are the restaurant, tourism and hospitality industries. Those businesses make up most of the monetary awards in this third round for that reason.”
This third round will be distributed next week to ensure the businesses receive their money as quickly as possible. These grants are not loans, but infusions of cash to help businesses pay expenses and payroll. The BEDC’s goal is to keep these businesses operational until the economy fully recovers.
About the Bastrop Economic Development Corporation
Established in 1995, the Bastrop Economic Development Corporation (BEDC) welcomes you to the next frontier of development for Central Texas. Visit BastropEDC.org for more information.
Download the Press Release and Resolution here.