City of Miami officials announced Wednesday that they will distribute more than $8.5 million to businesses and residents who have been financially impacted by COVID-19.

The plan is funded by federal money from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

City commissioners decided they will allocate $5 million to small businesses, which can receive a grant of up to $20,000, and $3.4 million to residents, who can receive a $250 grocery gift card.

To apply, residents must prove they live within city limits and have suffered financial losses.

Businesses cannot have received other federal assistance funds.

City officials say they will release more details about how and when to apply in the coming days.

Miami Mayor Francis Suarez and city commissioners held a news conference Wednesday morning to discuss the new relief programs.