LA Offers $5,000 Grants To Small Businesses Hit Hard By The Pandemic
Los Angeles small business owners still feeling the financial impact of the COVID-19 pandemic now have a chance to receive $5,000 through a new city-sponsored program.
Announced today by Mayor Eric Garcetti, the Comeback Checks Grants Program will award money to 5,000 businesses located in the city. The selection process is random. Business owners can apply during three application periods. The first one starts today, Oct. 26, and ends Tuesday, Nov. 2.
“With this investment, the city is doubling down on our work to help small businesses recover and thrive,” Garcetti said.
Carolyn Hull, General Manager of the City's Economic and Workforce Development Department, which will oversee distribution of the grants, thinks the program is a much-needed boost.
“Angelenos are resilient, and these grants offer our small businesses financial support to fortify and propel their journey toward economic recovery," Hull said.
A total of $25 million dollars will be handed out through the program, which is being funded from the $1.2 billion allocated to L.A. through the American Rescue Plan. The stimulus plan, signed into law by President Joe Biden in March, guaranteed nearly $2 trillion in aid to municipalities for COVID-19 recovery.
Other programs are in place to help shore up business during the pandemic:
- Small Business Microloan Program: This L.A. city program offers loans from $5,000 to $50,000 for businesses with 25 employees or less.
- The L.A. Regional COVID-19 Recovery Fund: In partnership with the county of Los Angeles, it offers grants to small businesses and individuals who are self-employed.
- Money Management International: Small businesses in the city of L.A. can get free financial counseling, education and debt repayment assistance.