Washington DC Offers Pivot Grants for Small Businesses
With the COVID-19 pandemic still raging and cold and flu season about to begin, it has become obvious that it is not possible just to sit back and wait for the pandemic to pass. Small businesses, if they are going to continue to operate at all in the current business climate, must find a way to adapt to it. Taking risks has always been a part of entrepreneurship, but with the future so uncertain, it is understandable if you recoil from the idea of borrowing money now and worrying later about how you are going to pay it back. The constantly changing rules about the repayment of Paycheck Protection Program loans have only increased some small business owners’ wariness about borrowing money to keep their businesses afloat. In general, grants are better than loans, and thinking and acting locally is always a good idea in small business. Therefore, the DC government has launched a grant program to help businesses make the changes they need to stay solvent in 2021. Whether or not applying for grants is part of your business strategy, a Washington DC small business lawyer can help you develop and enact your plans for this fall and winter.
What Is the Small Business Resiliency Fund?
This month, Washington DC mayor Muriel Bowser announced the launch of a grant program known as the Small Business Resiliency Fund. The total amount of grant money available is $3 million, and each business that applies can receive a maximum of $10,000. The program is available through the Office of the Deputy Mayor for Planning and Economic Development, in partnership with City First Enterprises. The purpose of the grants is to enable business to pivot to business activities that are practical in the context of the pandemic.
To be eligible to apply for a pivot grant through the Small Business Resiliency Fund, applicants must meet the following criteria:
- The company must have 50 or fewer employees.
- The company’s gross receipts must not exceed $3 million.
- At least one facility where the business operates must be located in the District of Columbia.
- The company must have lost at least 25 percent of its revenue as a direct result of the COVID-19 pandemic.
- The company must not owe more than $100 in debts to the District of Columbia.
Grant recipients will have considerable flexibility with how they use their grant money. For example, they can use it to start or expand their e-commerce, or to buy personal protective equipment or cleaning products capable of killing the novel coronavirus on surfaces. They may also use the money for marketing and for revising their business model.
Let Us Help You Today
The solutions to your financial woes as a business owner in Washington DC are right here in the District, and a Washington DC small business attorney can help you find them without looking beyond the Beltway. Contact Tobin, O’Connor & Ewing for help with your case.