Is Your Small Business Eligible for the Recent D.C. Grant of $10,000?
Just this morning, the application window opened up for small businesses to apply to the Small Business Resiliency Fund. This fund is an element of D.C.’s comprehensive effort to assist businesses with operations as they bob and weave through the weeds of the COVID-19 pandemic. The fund aims to protect people, assets, and presence and will contribute $3 million in emergency operational funding.
To qualify, your business must:
- Be a small, local entity (must have an actual facility) in the District of Columbia with 50 or fewer employees or be an independently owned restaurant (without regard to employee size)
- Have a current, active District of Columbia business license and Certificate of Occupancy
- Have or attain a Clean Hands from the DC Office of Tax and Revenue before grant funding
- Have been revenue-generating for at least three (3) months prior to the declaration of the COVID-19 Response Emergency Amendment Act of 2020
- Derive at least 51% of its gross receipts from the District of Columbia
- Generate less than $3 million in gross receipts
- Demonstrate that your business has lost at least 25% of its revenue because of the pandemic
Additionally, if granted, the fund payments must go towards:
- Business model strategy redesigning and pivoting
- Business continuity plan development
- Strengthening of digital retail experiences including complimentary e-commerce platforms and/or online shops to bolster brick-and-mortar business
- New marketing efforts
- Personal protective equipment (PPE) and/or disinfection products
If your business is granted the $10,000 from the D.C. Small Business Resiliency Fund, you must submit a W-9 form.
Lastly, if your business is awarded the grant payments, it must adhere to local and federal guidelines for operating businesses during the current public health crisis. The guidelines include: social distancing, disinfection protocols, occupancy restrictions, etc.
If you would like to discuss this topic in greater detail or for assistance with the D.C. Small Business Resiliency Fund application, do not hesitate to reach out to Chloe Parker, CPA and Manager at Ryan & Wetmore.
About Chloe Parker
CPA & Manager
Chloe Parker is a Manager in our Bethesda, MD office. Since joining the firm in 2011, Chloe has worked closely with entrepreneurial clients on tax, audit, and accounting issues. Chloe works across industries including government contracting, construction, manufacturing, and professional services industries.