State Announces Grant Funding for Small Businesses Impacted by COVID

By Lillian Boyd

The application process for California small businesses in need of relief begins at 6 a.m. on Wednesday, Dec. 30, and closes Jan. 8.

The state announced the assistance package that includes $500 million in grant funding for small businesses and nonprofits affected by COVID-19, and the associated health and safety restrictions. The California Office of the Small Business Advocate (CalOSBA) will administer the program.

Businesses are encouragd to take time in researching an organization to apply through. Applicants are instructed to pick one that best suits the business’s needs. Organizations include the Asian Business Association, the California Association for Microenterprise Opportunity (CAMEO), the California Association of Nonprofits, California Small Business Development Center, CA Women’s Business Center Network, CDC Small Business Finance and The Center of Lendistry.

Applicants who submitted their application and submitted all documentation in the first round do not need to reapply; qualified applications will be automatically rolled over into the next funding round for consideration.

There will be a second round for awarding businesses with grant funding but the application window of dates has yet to be determined.

The amount of grant funding ranges from $5,000 to $25,000. Businesses are eligible based on their annual revenue as documented in their most recent tax return. Applicants will need their application certification, business financial information and government-issued identification.

The State has also announced additional assistance available, including Tax Relief, as well as Recovery Loans through the California Rebuilding Fund.