There are often updates about extra financial aid being offered to businesses during the coronavirus pandemic. Still many SME owners feel they miss the boat on the efforts being made by local and federal entities.
As such, it is good to hear about how LA city and county have banded together to help. A $98 million grant program has been developed for those organizations and companies that have been left behind. Money will be given first to the firms that are based in low- moderate-income communities and/or owned by veterans or those whose gross revenue is less than $500,000.
Supervisor Mark Ridley-Thomas explained:
“Six thousand entities will be made better as a result of these resources — anywhere from $5,000 to $75,000 per entity.”
While the Los Angeles Regional COVID-19 Recovery Fund has to date awarded $3.2 million in grants to more than 300 enterprises, the additional money will hopefully really bring relief to entrepreneurs, small businesses and all others struggling. Monies will be given out anywhere in between $5,000 to $25,000.
In addition, Kathryn Burger, Los Angeles County Supervisor pointed out that:
“The COVID-19 pandemic has devastated communities across Los Angeles County with significant health and economic impacts. 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.”
This is the city’s fourth round of relief.