LOS ANGELES (CBSLA) – Los Angeles County is giving out $500,000 in grants to small businesses hurt by the coronavirus pandemic.
Each business which applies will be eligible for up to $10,000, the Los Angeles County Department of Workforce Development, Aging and Community Services announced Monday.
The applications will be processed on a first-come first-serve basis and the window will close once 150 applications are reached.
A quarter of the money will be reserved for businesse that serve “vulnerable populations,” the county said in a news release.
The application window will open Wednesday at 8 a.m. To apply, click here.
To be eligible, businesses must meet the following requirements:
- Have between 2 and 50 full-time employees.
- Have less than $2 million in gross receipts or annual revenue.
- Demonstrate significant economic hardship as a result of COVID-19. Businesses that have demonstrated evidence of a loss of revenue of at least 20% will have met the burden of demonstrating significant economic hardship.
- Be a for-profit corporation, partnership or non-profit with a for-profit activity. Social enterprises and non-profit (501(c)3) firms qualify.
- Have been established at least one quarter prior to March 4, 2020 (on or before December 4, 2019).
- Be able to produce tax returns.
The $2 trillion Coronavirus Aid, Relief and Economic Security Act passed by Congress last month included the Paycheck Protection Program, or $349 billion in loans for small businesses, defined as those with less than 500 employees. The loan will be fully forgiven if the money is used for payroll costs, interest on mortgages, rent and utilities.
For information on how to apply for a COVID-19 economic injury disaster loan, click here.