Lynnwood announces $10,000 small businesses grants
By City of Lynnwood | Press Release
Funds Available
All eligible businesses submitting a complete and timely application will have a chance to receive a grant of up to $10,000 until all funds are exhausted. A total of $500,000 of funding is available. Funds may be used for existing operating expenses, including business rent or mortgage, payroll, utilities, inventory, marketing, and improvements to meet social distancing requirements. Documentation of expenses will be required to be submitted if a grant is awarded, and eligible expenses must be incurred within the time period of March 1, 2020 to October 31, 2020.
Funding is limited. All applicants may not receive a grant, and some applicants may receive a grant in an amount less than $10,000. Grant funds may be taxable. Please consult with your financial advisor for guidance. Grant recipients will be required to enter into a Grant Agreement with the City which will require the filing of a report on how the funds were spent. Grant recipients must also submit a W-9 .
Eligible Businesses
In order to be eligible for the City of Lynnwood Small Business Relief Grant, the following eligibility requirements must be met:
- Physical (brick and mortar) location in the City of Lynnwood
- Been in operation and licensed within the City of Lynnwood since May 31, 2019
- Have a current City of Lynnwood Business License
- 10 or less full-time employees, including the owner
- Demonstrate at least a 25% decrease in revenues due to COVID-19
Eligible Expenses
- Retaining and/or supporting employees, payroll and benefits
- Restoring financial resiliency
- Business rent or mortgage payments
- Addressing temporary COVID-19 related restrictions on business activity
- Increasing technology capacity to enable alternative work forms or service delivery
- Creating new marketing campaigns
- Revising business plans
- Paying vendor invoices
- Facility cleaning/restoration
Prepare to Apply
- Confirm your eligibility (see eligible businesses above)
- Develop a recovery plan. You will be asked to provide a brief description of your recovery plan in the application (maximum 500 characters)
- Prepare a list of eligible expenses and how funds from a $10,000 grant will be used, if awarded.
- Locate a copy of your City of Lynnwood Business License. You will be asked to upload a digital copy of your City of Lynnwood Business License with your application. Need a copy? You can access a copy through the WA State Department of Revenue Business License Service or request one by emailing businesslicense@LynnwoodWA.gov
- Prepare documentation to demonstrate a decrease in revenues due to COVID-19. You will be asked to upload a digital copy of your Profit and Loss Statement, Revenue Report, or other applicable documentation with your application.
Application
The application must be submitted by June 26, 2020 at 4:00PM. No applications will be accepted after this deadline. It is our goal to notify grant recipients by July 17, 2020. Businesses selected to receive grant funding will be contacted by email.
To apply for the small business relief grant click here.
Author: Mario Lotmore
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