Storm Relief Update

Portland Businesses you are eligible to receive a Restore Grant will cover up to $25,000 in eligible expenses.   Restore Grant funds can be issued for the following storm-related expenses: 

  • Revenue loss due to closure from January 12 to January 20, 2024 (up to $10,000) 

  • Interior or exterior repairs due to the winter storm 

  • Inventory loss costs due to the winter storm, e.g. Spoiled inventory due to power outages 

  • Equipment replacement (up to $5,000) 

Can I apply for the Restore Grant more than once? 

You can only apply once for vandalism-related expenses and once for storm-related expenses. HOWEVER, you can still apply for storm-related expenses in Round 5 if you already received a grant for vandalism-related expenses in Rounds 1-4. 

Can I apply for work that hasn’t been done yet? 

No, the Restore Grant cannot be used for expenses that have not yet occurred, or that cannot be accompanied by proof of payment. 

Who is eligible to apply for the restore Grant? 

To be eligible, the applicant must be a person or entity that operates a small business or nonprofit with a brick-and-mortar presence or a food truck which maintains consistent hours of operation within the city of Portland. The following criteria also apply: 

  • Have been impacted by the winter storm in January 2024. 

  • Be located within Portland city limits. 

  • Business must employ 3 or more employees (including full-time, part-time, and/or 1099 employees). 

  • Business must have had a 2019 Annual Gross Revenue up to $3M. 

What’s the deadline to apply? 

The deadline to apply for Restore Grant resources is Thursday, February 29. 

How will applications be selected? 

All Applications will be scored based on the following: 

• Number of employees 

• Annual Gross Revenue change from 2019-2022 (if applicable) 

A limited amount of funds is available; not all applicants will receive a Restore Grant. Prosper Portland will start notifying recipients of the Restore Grant no later than 14 days after the application window of this cycle closes. 

ADDITIONAL FUNDING FOR BUSINESSES ACROSS OREGON

The US Small Business Administration (SBA) has issued a Disaster Declaration due to the impact of the Winter Storm. This declaration will allow small business owners in storm impacted counties to apply for Disaster Assistance Loans. 

Will SBA Advisors be available? 

The SBA has set up a Virtual Business Recovery Center to assist with loan applications. Advisors are available Monday – Friday from 8 am to 4:30 pm.  FOCWAssistance@sba.gov  (916) 735-1531 

Navigators from the Portland Small Business Hub can also assist with understanding available loan offerings. 

Will SBA Advisors be available in person? 

SBA Advisors are currently available virtually through their Virtual Business Recovery Center. In-person assistance is not available currently; this may change in the future.  

Navigators from the Portland Small Business Hub can also assist with understanding available loan offerings. 

Is Prosper Portland in charge of the SBA Loans? 

No. 

 

 

 

Erika Polmar