Lynnwood small business owners impacted by the COVID-19 pandemic are invited to apply for financial assistance through the City of Lynnwood’s business relief program.
At its June 8 business meeting, the Lynnwood City Council unanimously approved the allocation of $500,000 of the city’s federal CARES Act funding for a relief program to support to local small businesses. Through the program, qualifying businesses are eligible to receive $10,000 in relief funding.
The application is available now and must be submitted online by 4 p.m. June 26. No applications will be accepted after the deadline. For more information or to apply online, visit the city’s website.
To be eligible for a relief grant, applying businesses must have:
- Physical (brick and mortar) location within Lynnwood city limits
- Been in operation and licensed with the city since May 31, 2019
- Have a current city business license
- Have 10 or fewer employees, including the owner
- Demonstrate at least a 25% decrease in revenues due to COVID-19
Eligible expenses for the funds include:
- Retaining and/or supporting employees, payroll and benefits
- Restoring financial resiliency
- Business rent or mortgage payments
- Addressing temporary COVID-19 related restrictions on business activity
- Increasing technology capacity to enable alternative work forms or service delivery
- Creating new marketing campaigns
- Revising business plans
- Paying vendor invoices
- Facility cleaning/restoration
According to city spokesperson Julie Moore, applications will be reviewed without the business’ name included to ensure no preferential treatment is being given.
Documentation of expenses must be submitted if a grant is awarded, and eligible expenses must be incurred within the time period of March 1 to Oct. 31. Funding is limited and not all applicants will receive a grant. Some applicants may receive a grant in an amount less than $10,000.
In addition, grant funds may be taxable. Business owners are advised to consult with a financial advisor for guidance.
Grant recipients will be required to enter into a grant agreement with the city, which will require that a report be filed on how the funds were spent. Grant recipients must also submit a W-9.
For more COVID-19 business resources, visit the city website.