LA County To Give Out $500K In Grants To Small Businesses –

Los Angeles (CBSLA) – The city of Los Angeles County grants the city of Los Angeles a $500,000 grant. US to small businesses affected by the coronavirus pandemic.

Woman with child wearing a face mask as she passes closed clothes shops in downtown Los Angeles, 4. April 2020. (Getty Images)

Each applicant is entitled to a maximum of $10,000, as announced on Monday by the Los Angeles County Department of Labor Development, Aging and Social Services.

Requests are processed in queue order and the window closes when 150 requests are reached.

A quarter of the money will be earmarked for companies serving vulnerable groups, according to a press release from the district.

The application window opens on Wednesday at 8 am. To apply, click here.

In order to be eligible to take part in the competition, companies must meet the following conditions:

  • They have between 2 and 50 full-time employees.
  • You have a gross income or an annual income of less than $2 million.
  • Demonstration of the considerable economic hardship caused by VIDOC-19. Companies that have experienced a fall in turnover of at least 20% will have to bear the burden of clearly significant economic difficulties.
  • Be a company, partnership or non-profit organization with commercial activities. Social enterprises and non-profit organisations (501(c)3) are qualified.
  • have been issued for at least one quarter until the fourth quarter of the year. March 2020 (4 December 2019 or earlier).
  • Possibility to make tax returns.

The $2 trillion Coronavirus Victims Assistance and Economic Security Act, passed by Congress last month, included the wage protection program, with $349 billion in loans to small businesses, defined as those with fewer than 500 employees. The loan is fully forgiven if the money is used to pay for work, mortgage interest, rent and utilities.

For information on applying for a loan to cover economic damage in the event of a COVID 19 disaster, click here.

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