Congressman Panetta Announces $1.76 Million CARES Act Grant for COVID-19 Recovery and Resiliency Project

SALINAS, CA – Today, Congressman Jimmy Panetta (D-Carmel Valley) announced that Monterey County received a grant totaling $1,760,000 in COVID-19 Recovery and Resiliency Project funding to help Monterey County and its small businesses respond to the novel coronavirus (COVID-19). The funding for this grant is from the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act, which directs the Department of Commerce's Economic Development Administration (EDA) to allocate funding to municipalities.

As part of EDA's CARES Act Recovery Assistance, this investment capitalizes a $1,600,000 Revolving Loan Fund (RLF) to address the economic development needs of small businesses and entrepreneurs adversely affected by the coronavirus pandemic. This EDA investment also provides $160,000 to defray the cost of administering the RLF.

"Small businesses are struggling during this pandemic, and we must support them in any way we can. This federal funding from the Economic Development Administration, which will recapitalize Monterey County's revolving loan fund (RLF), will provide a lifeline to local small businesses. This announcement shows that our recovery will continue to be federally funded and locally executed," said Congressman Panetta. "Additionally, we must continue to ensure these funds are flexible, so they can be used for broader activities when they are repaid. That's why the Senate must pass H.R. 2, which includes my Revolving Loan Fund Flexibility Act, which will allow counties to reprogram these funds for other economic recovery efforts as small businesses recover and pay back their loans."

Congressman Panetta introduced the Revolving Loan Fund Flexibility Act, to provide localities greater flexibility in using federal economic development funds delivered during the COVID-19 pandemic. This legislation was incorporated into H.R. 2, which passed the House in July.