Hillsborough County Expands R3 Financial Assistance Program to help More Businesses with Funding
Hillsborough County, Fla. (August 31, 2020) – Hillsborough County launches the fourth phase of the Rapid Response Recovery (R3) program today, with expanded criteria designed to help more businesses by providing additional recovery funding across the County.
The program aims to soften the protracted economic injury the COVID-19 coronavirus pandemic has inflicted on the small business community. The County has taken lessons learned during the first three phases of the Economic Recovery financial assistance program to develop a Phase 4 that will expand access to more businesses and increase award amounts, simplify qualifications, and make applications easier.
This is a financial assistance program, not a loan. Therefore, the funds do not need to be paid back.
Some of the Phase 4 program changes include:
- Increasing awards to up to $40,000 for operational/working capital expenses to provide an immediate infusion of capital to local small businesses with between $40,000 and $20 million in annual revenue
- Basing awards on the size of the small business, with tiers based on the number of employees
- Expanding eligibility to businesses all established before Jan. 1, 2020
Fixed award amounts determined by the number of employees for each business:
- 0 to 2 employees - $10,000
- 3 to 10 employees - $20,000
- 11 to 20 employees - $30,000
- 21 employees and more - $40,000
- Scanned copy of the requestor's driver's license
- IRS Form W-9
- 2020 Quarter 1 IRS Form 941 (unless applicant is a sole proprietor)
- 2019 business tax forms (one of below based on business structure):
- Individual (Sole Proprietorship, Single Owner LLC): Schedule C (Form 1040)
- Corporation (C-Corp, S-Corp, LLC): Corporation Income Tax Return (Form 1120 or Form 1120-S)
- Partnership: Return of Partnership Income (Form 1065)
Residents can help support their favorite local businesses by sharing information about this financial resource that may be available to the businesses in their neighborhoods.
Applications will be accepted through Dec. 1, 2020 or until funding is exhausted.
Business owners can learn more about the program, including which options may be best for their business, by attending a one-hour virtual presentation with a live question-and-answer session in English or Spanish.
Through the first three phases of the program, Hillsborough County has been working with more than 3,500 small businesses on requests for nearly $55 million in direct funding.
Additional information is available at HCFLGov.net/R3Biz or by calling the Hillsborough County Economic Recovery Financial Assistance Support Line at (888) 393-7509.