CARES Act: It’s more than Paycheck Protection.
While many AURP members and tenants have been looking at the Coronavirus Aid, Relief and Economic Security (CARES) Act in terms of SBA funds and loans, the US Economic Development Agency (EDA) received $1.5 billion in emergency funding for Economic Adjustment Assistance for areas declared disaster areas by the federal government. For the first time in history, all 50 states have been declared disaster areas so there should be opportunities in your community or region to attract EDA funding.

EDA Economic Adjustment Assistance funding is somewhat flexible and administered on a regional basis. Funds might be used for loans, construction and other economic development projects. In the past, several research parks and incubators have received funding from the EDA for planning, development and expansion. Details should be forthcoming from EDA on ways to apply for funding. Partnering with organizations in your region that have successfully applied for EDA funding in the past is one strategy to increase likelihood of success. Note also local matching requirements are usually necessary so plan for that eventuality.