Friday is the dealine to apply for grants to help Los Angeles small businesses with financial recovery from the COVID-19 pandemic.
When is the deadline to apply for LA Small Business Rental Assistance Grants?
The deadline is Friday May 6 at 11:59 p.m.
Who is eligible for the small business grants?
Small businesses in the city of Los Angeles can apply for the rental assistance program. The program is funded through the American Rescue Plan Act, which allocates money to the city.
Here's are some specifics.
- Businesses must have a brick-and-mortar storefront within the city of Los Angeles
- Businesses must have an annual revenue of less than $5 million.
- An active Business Tax Registration Certificate in good standing is necessary.
- Eligible applicants must have been in business on or before March 1, 2020.
- Nonprofits and landlord or passive-income businesses are not eligible.
- Businesses must identify a negative financial impact from the pandemic.
- Applicants must demonstrate how the grant will be used for recovery.
- Sublease rental arrangements do not qualify.
How much money will small businesses receive from the program?
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The program will provide from $2,500 up to $15,000 to eligible businesses.
"COVID-19 has hit many of our small businesses particularly hard," said L.A. Economic and Workforce Development Department General Manager Carolyn Hull. "The Small Business Rental Assistance Program is our way of supporting small businesses during the economic recovery. Eligible businesses could receive a grant between $5,000 and $15,000 to help them with potential rental arrears."
How can small businesses use the grant money?
Grant recipients can use the money for rent payments that were incurred on or after March 1, 2020.
The following uses do not qualify.
- Taxes (business, personal income, property, etc.).
- Construction or tenant improvements.
- Operating expenses, other than unpaid rent.
- Late Fees or interest charges assessed by the landlord.
- Personal use of any kind.
How can businesses apply?
After applications are submitted, businesses may need the following documents during the eligibility verification process.
- 2019 and 2020 Business Tax Returns
- 2019 or 2020 Individual Tax Return (SSN verification)
- Color Copy of Government Issued ID (i.e. Driver License)
- Voided Check from Business Account
- Lease Agreement for Business Property
- Proof of Previous Rent Payment
- Statement of Account or Monthly Invoices