Commerce department sends $123.4 million to over 8,200 small businesses

MONTANA – The Montana Department of Commerce announced last week that more than 8,200 small businesses in Montana have now received $123.4 million through Governor Steve Bullock’s Business Stabilization Program, funded by the Coronavirus Relief Fund.

First launched in May, small businesses based in Montana with fewer than 50 employees that have experienced a loss in revenue due to the pandemic were eligible for grants of up to $10,000 or three-months of working capital, whichever was less. Governor Bullock announced last week that the program would expand to provide a second grant to all 8,237 businesses that received the first as long as they still met eligibility requirements. As of Friday, nearly 6,000 of those businesses have already requested their second award and have received payment.

“Small businesses fuel Montana’s economy which is why we’re honored to report that $123.4 million has now gone directly to businesses in every single Montana county to help them weather the economic impacts of the pandemic,” Commerce Director Tara Rice said. “Business Stabilization grants are just one option among a suite of tools available to support Montana’s small businesses, and we know these support systems are helping keep businesses open.”

The Montana Business Stabilization Program provides working capital for small businesses to support payroll, rent, accounts payable, debt service and expenses related to shifts in operations to retain existing businesses, retain current employees or retain business viability for future re-employment. Eligible small business must be Montana-based, employ 50 or less, have sustained a loss of revenue since Feb. 15 due to COVID-19, and be in good standing with the Secretary of State or local tribal government. Nonprofit entities are not eligible.

New applicants to the program are now eligible for up to $20,000 or six months of working capital, whichever is less. The online application is available at COVIDRELIEF.MT.GOV.