On Monday, August 31, 2020 the L.A. Regional COVID-19 Recovery Fund will start accepting applications for $5,000 and $15,000 grants to small businesses, nonprofits, micro-entrepreneurs and $25,000 grants to medium-sized businesses that operate in Monterey Park and other cities in Los Angeles County. These are grants, not loans, so they don’t have to be repaid.
The $5,000 micro-entrepreneur grants are available to gig economy workers (such as Uber drivers), street vendors, sole proprietors, independent contractors, and 1099 workers with revenues of $100,000 or less, according to their most recent tax return.
The $15,000 small business grants are available to active, for-profit business entities that have yearly gross revenue of more than $100,000 but less than $1 million, according to their most recent tax return. Nonprofit groups are also eligible for a $15,000 grant if they are registered 501(c)(3) that provides supportive services to low- to moderate-income individuals or families in L.A. County and also have an annual gross revenue of less than $1 million.
The $25,000 medium-sized business grants are available to registered for-profit business entities that have yearly gross revenue of more than $1 million but less than $5 million based on most recent available tax return (2018 or 2019).
All applicants must verify revenue with a 2018 or 2019 tax return and apply online. Grant finalists will be notified after the application closing date.
How to Apply
The online application portal will open on August 31, 2020 and close on September 4, 2020. To apply and/or to learn more about the eligibility criteria and additional requirements, please visit www.lacovidfund.org/grants.
Grant funds are limited, so be sure to apply as soon as the application portal opens on August 31.
Michael Encinas, Economic Development Specialist
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