(Irvine, CA) — At a special meeting on May 29, the Irvine City Council voted to establish a Local Business Support Program to provide financial support to small businesses impacted by COVID-19.
Irvine has received close to $5 million for COVID-19 related grants for the City’s small business community from the federal CARES Act, distributed to Irvine by the County of Orange.
“Thank you to our outstanding Orange County Congressional delegation — Katie Porter CA-45, Harley Rouda CA-48, Lou Correa CA-46, Mike Levin CD-49, Gil Cisneros CA-39, Alan Lowenthal CA-37, and Linda Sanchez CA-38 — for your hard work in bringing these crucial federal dollars back to Orange County.” Irvine City Councilmember Melissa Fox said.
“We are very happy to be able to use these federal funds to help our small businesses begin to recover from the economic shock of COVID-19.”
The program will allow Irvine-based small businesses that meet the following criteria to apply for one-time grants of $10,000.
To qualify, businesses must:
- Have 25 or fewer employees
- Have an active Irvine business license at the minimum of one year
- Demonstrate a financial impact due to COVID-19, and
- Have reopened or are ready to reopen, meeting guidelines from the Centers for Disease Control, the State and Orange County.
An estimated 500 businesses will be able to receive relief funds. Sixty percent ($3 million) of the $5 million City allocation will be directed to businesses that generate taxable retail sales. The other forty percent ($2 million) will be available to other small businesses with 25 or fewer employees.
Applications will be accepted for 30 days beginning next week, with grant funding awarded quickly on a first-come, first-served basis. Funds could be used to meet eligible businesses’ working capital needs such as payroll or operating expenses.
Businesses will be asked to provide a budget reflecting the proposed use of grant funds, and will be required to submit a post-expense report detailing how the funding was actually utilized.
“I’m glad we’ll be able to provide some basic recovery to our small businesses, which employ so many people who have been hit hard by the economic consequences of the quarantine, including many people who are self-employed” Councilmember Fox said. “I wish it could be more.”
“Now we need to get the U.S. Senate to pass and the President to sign the federal Heroes Act, already passed by the House of Representatives, which would give $2.7 billion in federal recovery funds to Orange County, so that our first responders, front-line health care workers, teachers, and working families will get the economic help they need and deserve.” Fox added.
More information and a grant application will be available at cityofirvine.org this week.