As small businesses in the Santa Clarita Valley continue to face challenges amid the ongoing pandemic, more financial assistance is on its way through the Los Angeles Regional COVID-19 Recovery Fund to help qualifying small businesses, micro-entrepreneurs and nonprofits.
As of Sept. 1, the Recovery Fund had already awarded $3.2 million in grants to more than 300 local businesses before being bolstered by an additional $60 million in CARES Act funding from the county, along with an additional $40 million from the city of Los Angeles.
“The COVID-19 pandemic has devastated communities across Los Angeles County with significant health and economic impacts,” county Supervisor Kathryn Barger, whose 5th District includes the SCV, said in a prepared statement. “The L.A. Regional Recovery Fund is one of many efforts led by the county to help our residents and businesses get through these challenging times and emerge stronger than before.”
The next round of grants is set to open Oct. 5, with more than $40 million in grants left to be awarded.
Eligible businesses must meet the following requirements:
- Micro-entrepreneurs (eligible for $5,000 grants): Gig economy, street vendors, sole proprietors, independent contractors, 1099 workers, and single-member LLCs.
- Very small businesses (eligible for $15,000 grants): Registered for-profit business entities that gross a yearly revenue of more than $100,000, but less than $1 million.
- Very small nonprofits (eligible for $15,000 grants): Registered 501(c)(3) or 501(c)(6) chambers of commerce organizations that have an annual total revenue of less than $1 million.
- Small businesses (eligible for $25,000 grants): Registered for-profit business entities that gross a yearly revenue of more than $1 million, but less than $5 million.
Grants are expected to be distributed through an online weighted system to ensure equitable access across the county’s various demographics.
“We understand that keeping businesses in service means preserving a business owners’ dream, securing employment and maintaining access to resources in a community,” Emilio Salas, acting executive director of the county Development Authority, said in the statement. “The monetary support being provided will reassure businesses, and residents alike, that we are undergoing this crisis together.”
Eligible businesses only need to apply once to be eligible for future rounds of funding and can apply for the next round of Recovery Fund awards by visiting LACOVIDFund.org.
For more information or any questions, call the L.A. County Disaster Help Center at 833-238-4450 or visit lacountyhelpcenter.org.