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Hurricane Harvey - Economic Revitalization Program

For the first time, the GLO is administering the Economic Revitalization Program to provide $100 million for interim assistance to businesses impacted by Hurricane Harvey.

The program will provide interim assistance to businesses impacted by Hurricane Harvey through deferred forgivable loans in exchange for job creation or retention for low- to moderate-income employees.

The GLO will select a provider with the appropriate background to assist in the administration of this program and serve businesses impacted by Hurricane Harvey.

Economic Revitalization Program includes:

  • Up to $250,000 in assistance for businesses;
  • Eligible businesses include small businesses in CDBG-DR eligible counties;
  • Businesses not defined as small businesses and private utility companies are ineligible;
  • Businesses must be evaluated using HUD underwriting guidelines; and
  • All projects funded must meet the appropriate level of environmental clearance before any funds can be obligated by the business.

Eligible applicants:

  • Small business located in CDBG-DR eligible counties; and
  • Small businesses as defined in the SBA at 13 CFR Part 121 or businesses engaged in “farming operations” that meet the U.S Department of Agriculture Farm Service Agency criteria described at 7 CFR 1400.500
  • Property owners receiving disaster assistance that triggers the flood insurance purchase requirement have a statutory responsibility to notify any transferee of the requirement to obtain and maintain flood insurance in writing and to maintain such written notification in the documents evidencing the transfer of the property, and the transferring owner may be liable if he or she fails to do so.