Small businesses and sole proprietors in the nation’s capital negatively impacted financially during the COVID-19 pandemic could get grants ranging from $5,000 to $45,000.
The monetary support will come from a new $8 million round of the Bridge Fund grant program announced by Washington, D.C. Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development (DMPED).
Based on the news notice, the grants will
offer “flexible financial relief to those that experienced revenue loss during the COVID-19 Public Health Emergency. Businesses that have not obtained funding in prior rounds will be given priority. Grants can be used to cover rent, payroll, and operating expenses.Eligible businesses include restaurants, retailers, or small entertainment businesses in the District of Columbia with an active DC Basic Business License. Other criteria call for businesses to have under $5 million in gross receipts each in 2019, 2020, and 2021. Companies must show revenue declines, significant costs, and financial losses due to COVID-19 from April 2020 through December 2021.
Since March 2020, the District says it has made over $350 million handy to support relief to local businesses through funding like previous Bridge Fund rounds. The new program will be managed by the DMPED and run by City First Enterprises (CFE).
“Our restaurant, entertainment, and retail industries are critical to our comeback,” stated Mayor Bowser.
“When we have great places for
people to dine out, and shop, and visit, that not only improves the quality of life for our residents, it draws more visitors into DC. And when we have more visitors in DC, and more people spending at local businesses, that creates jobs, it allows us to invest in important programs and services, and it drives new opportunities for DC residents.”Deputy Mayor for Planning and Economic Development John Falcicchi
added, “Since the start of the pandemic, Mayor Bowser has focused our small business initiatives on relief, recovery, and growth. Our small businesses still need our support, and our hope is that this latest round of the Bridge Fund will help propel our small businesses—especially in the hospitality industry—from recovery to growth.”The application period opened on Nov. 28. Go here for more information.