Fifty Lynnwood businesses impacted by the COVID-19 pandemic each received $10,000 grants Tuesday through the city’s small business relief program. The federally funded grants will aid business owners in covering business-related expenses.
In June, the Lynnwood City Council unanimously approved to allocate $500,000 of the city’s federal $1.18 million CARES Act funding to be put toward a business relief program aimed at providing economic support to local small businesses that have been negatively impacted by COVID-19.
“Supporting our local small businesses will be key to our community’s economic resiliency throughout the coronavirus pandemic,” said Council President Christine Frizzell. “These grants will help retain jobs, help our businesses follow appropriate COVID-19 requirements, and help put them on a course for financial stability through these difficult times.”
In total, the city received 176 applications requesting funds to support various relief efforts such as retaining employees and payroll, business rent or mortgage payments, addressing temporary COVID-19 related restrictions on business activity, and/or additional technologies to enable alternate service delivery.
Businesses were required to be located inside city limits and have a current city of Lynnwood business license, have 10 or less employees, and demonstrate at least a 25% decrease in revenues due to COVID-19. Applicants were reviewed and scored based on the listed criteria.
“The City of Lynnwood is committed to supporting our small business community during these difficult times,” said Mayor Nicola Smith. “We value the important role small businesses will play in the recovery of our local economy.”
For more COVID-19 business resources, visit the city website.