The Legacy Business Recovery Grant Program offers grants of up to $20,000 to eligible Legacy Businesses that need financial assistance to aid in their recovery from the COVID-19 pandemic.
Donor Name: Economic & Workforce Development Department (EWDD)
State: California
County: All Counties
Type of Grant: Grant
Deadline: 09/15/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Legacy Business Recovery Grant Program is funded through the American Rescue Plan Act (ARPA) allocation to the City of Los Angeles. Applicants must explain how the grant funds will be used toward necessary COVID-19 recovery business expenses and make available documentation demonstrating that the grant funds were used toward those expenses.
Funding Priorities
EWDD will utilize a weighted selection process for grants to ensure equitable distribution across the selection of finalists and to prioritize City of Los Angeles geographic diversity and low-to-moderate income neighborhoods. Grant application submissions made from the following demographics will be more heavily weighted:
- Businesses located in low-and moderate-income communities (50% and 80% of Area Median Income or AMI), as defined by HUD
- Businesses owned by low- and moderate-income owners (50% and 80% of AMI), as defined by HUD
- Businesses facing an imminent threat of displacement.
Funding Information
- Grant amounts of $10,000 will be provided for Legacy Businesses with one to five employees.
- Grant amounts of $20,000 will be provided for Legacy Businesses with six or more employees.
Uses of Funds
Eligible uses of funds to address the negative economic impacts caused by the COVID-19 crisis include:
- Employee payroll
- Rent, utilities, and insurance
- Working capital to reopen or continue operations
- Adapting to technologies
- Payment of outstanding business expenses incurred on or after March 3, 2021
- Adaptive business practices needed to operate the business
- Legal fees to negotiate long-term lease agreements with their landlords.
Eligibility Criteria
Eligible Businesses:
- The business must be listed on the Legacy Business Registry
- The business must be a for-profit business located within Los Angeles city limits.
- Must be operating from a commercial, industrial, or manufacturing location and have a valid commercial lease (home-based businesses are not eligible)
- Annual revenue cannot exceed $3 million.
- If applicable, the business must be in good standing with the Secretary of State.
- The business must have an active Business Tax Registration Certificate (BTRC) with the City of Los Angeles that is current and in good standing.
- The business must demonstrate that the grant funds will be used for recovery from the COVID-19 pandemic.
- The business must disclose whether they have received funding from other federal, state, or local sources (including PPP and EIDL). Applicants who have received funding are still eligible, provided the funds are not currently being spent on the same expenses covered by the Legacy Business Recovery Grant.
For more information, visit EWDD.
