Friday is the last day to apply to grants for Los Angeles small businesses to aid financial recovery from the COVID-19 pandemic.
When is the last day to apply for LA Small Business Rent Assistance Grants?
Deadline for submissions is Friday, May 6, at 11:59 p.m.
Who is eligible for the small-business grants?
The program is open to small businesses located in Los Angeles. The American Rescue Plan Act provides money for the program.
These are just a few examples.
- Los Angeles must have a brick and mortar storefront for businesses
- Annual revenue must not exceed $5 million.
- A valid Business Tax Registration Certificate is required.
- All eligible applicants must have been in business prior to March 1, 2020.
- These are not available to landlords or passive-income business owners.
- Companies must assess the financial consequences of the pandemic.
- All applicants must show how the grant will help with recovery.
- Sublease rentals are not allowed.
What amount of money will the program bring small businesses?
Businesses that qualify for the program will be eligible to receive up to $15,000 in cash and/or checks.
“COVID-19 has hit many of our small businesses particularly hard,”Carolyn Hull, general manager of L.A. Economic and Workforce Development Department. “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.”
What are the best ways for small businesses to use grant money?
Grant recipients can use the money to make rent payments for rent that were paid on or after March 1, 2020.
Use the following for your benefit Not qualify.
- Taxes (business, personal income, property, etc.).
- Construction or tenant improvement.
- Other than rent unpaid, expenses for operating costs.
- Late Fees and Interest Charges are assessed by the landlord.
- Use of any type for personal use.
What can businesses do to apply?
Following the submission of applications, businesses might need to provide the following documents for the eligibility verification process.
- 2019 and 2020 Business Income Tax Returns
- 2019 or 2020 Individual tax Return (SSN verification).
- Color Copy of Government Issued Identification (i.e. Driver License
- Voided Check From Business Account
- Lease Agreement for Business Property
- Photo of Rent Payments in the Past
- Statement of Account or Monthly invoices