 Applications for Round 2 of Riverside County's Business Assistance Grant Program Now Open
Sole proprietors and others are now eligible for the second round of funding for small businesses that have been especially hit hard during the COVID-19 pandemic. The expanded eligibility under Round 2 includes sole proprietors, which are those businesses that do not have employees, as well as businesses that received an SBA Economic Injury Disaster Loan or advance.
Businesses may apply for the second round of funding up to $10,000 in direct support. Applications will be accepted on a first-come, first-serve basis until August 31, 2020.
Available funding is limited and applications will be reviewed and processed by Main Street Launch, a third-party nonprofit. Applications must meet certain criteria.
Grants are not available to businesses that have received federal funding through the Paycheck Protection Program (PPP). Awardees must also develop and implement a safe reopening plan that addresses employee and customer health prior to disbursement.
Approximately 96 percent of businesses in Riverside County are small businesses with fewer than 50 employees. The small business grants are intended to promote business sustainability, job retention, and the overall economic preservation of small businesses throughout the county.
For more information, including instructions on how to apply, click here. If you have questions about the grant program, please send an email to rcfaq@mainstreetlaunch.org or call (951) 955-0493.
The Employee Retention Credit
The Employee Retention Credit is designed to encourage employers to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in qualified wages paid to an employee by an eligible employer experiencing economic hardship related to COVID-19. This credit is for wages paid from 3/13/2020 through 12/31/2020.
Leave Credits
The paid sick leave credit and paid family leave credit are available for eligible employers who pay qualified sick leave wages and/or qualified family leave wages from 4/1/2020 through 12/31/2020, and who have fewer than 500 employees.
New Aid Available for Riverside County Nonprofits
Great news! On June 9, the Riverside County Board of Supervisors approved $5 million in financial support to the nonprofit community. Funds will be dispersed through the Riverside County Nonprofit Assistance Fund that will be administered by IECF, in partnership with the Inland Empire Funders Alliance. With over 7,500 organizations countywide, the new program will assist Riverside County nonprofits facing financial strain following the COVID-19 crisis.
Application process opens on Wednesday, July 1.
Under the new program, grants will be made in the amounts of $2,500 -$10,000 to support nonprofit operations during COVID.
Faith-based, all volunteer, and smaller organizations with 50 employees or less are encouraged to apply. Organizations that received $100,000 or more in PPP are ineligible.
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