A lot of things, actually, but if you are a small business in the process of recovering from the effects of the COVID-19 pandemic, some financial help would be great. In case you haven’t heard, recently California’s Governor Gavin Newsom signed the Golden State Stimulus package that includes $2 billion in grants designated to aid recovering small businesses. $50 million of those funds are designated for non-profit cultural institutions. In this blog, we take a look at California’s COVID-19 Relief Grant Program, what it is and how it can help you get these small business funds.
Before we dive in, let’s clarify what a grant is. You have probably heard or read about business grants and loans when researching or learning about small business funding options. One of the main differences between these two is that opposite to a loan, a grant doesn’t need to be repaid. To qualify for a grant, you must meet the eligibility criteria placed by the corporation or government who is sponsoring it. There is an application and selection process that makes receiving a grant a longer process than that of loan approval. Therefore, if you are looking to get the funds right away, applying for a grant may not be the best option for you.
Now that you know what a grant is, let’s talk about California’s COVID-19 Relief Grant Program. This grant program is part of the Golden State Stimulus package and it’s currently sponsoring grants for small businesses in that state. The goal of this program is to provide cash-relief to low-income Californians. Because of this, small businesses owned by women and minorities in areas of high unemployment have priority to receive these grants. Grantees can get $5,000 up to $25,000 in their grant, depending on their annual gross revenue.
The application process for California’s COVID-19 Relief Grant Program is divided into rounds that started in January 2021. The remaining rounds are the following:
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Round 4 (Non-profit Cultural Institutions ONLY):
Tuesday, March 16th – Tuesday, March 23rd, 2021
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Round 5:
Thursday, March 25th – Wednesday, March 31st
Waitlisted small business and nonprofits not selected in rounds 1, 2, or 3 and new applicants are eligible to apply
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Round 6:
Date to be announced soon
Waitlisted small businesses and/or nonprofits not selected in rounds 1, 2, 3, 4 or 5 and new applicants are eligible to apply
For your application you will need the application certification, financial information for your business, and a government issued ID. Always remember, aside from a complete application, making sure that you meet all the eligibility criteria, this will help ensure that you can get one of these grants. More details about the application and about the grants visit CAReliefGrant.com.
At Access Capital we know that the process of applying for a grant or loan can be confusing and complicated, but that is why we’re here to help! Our team of financial advisors is ready to help you apply to the California COVID-19 Grant Relief Program and we can assist you in two languages, English and Spanish. We are ready to answer all of your questions and support you through this process. Don’t forget that your first consultation with us is free! For more information about our services visit us at accesscapital.org.
Access Capital is a financial consulting company with over 20 years of experience in the financial industry of California. It focuses on helping small businesses grow through their services that include financial consulting and advising, small business loan processing, digital marketing, business coaching, and accounting & management. For more information go to accesscapital.org.