Newsom proposes $1.5B more in small business grants

Pandemic-affected companies would receive up to $25K each

Los Angeles /
May.May 14, 2021 11:00 AM
Gov. Gavin Newsom (Getty, iStock)
Gov. Gavin Newsom (Getty, iStock)

Gov. Gavin Newsom is proposing another $1.5 billion worth of grants to small businesses affected by the pandemic.

It would increase the total small business grant funding allocated through the state in recent months to $4 billion, according to the Los Angeles Times.

Businesses could receive grants up to $25,000 through the program. The state estimates the money would be enough to provide grants to 150,000 small businesses statewide. The funding will need approval from the state legislature.

California created the small business grant program in the fall, and pumped $575 million into the program over the winter. Around 350,000 restaurants, retailers and other small businesses have requested grants totaling $4.5 billion.

Newsom detailed a $100 billion recovery plan earlier this week, funded largely by the state’s $76 billion surplus for the upcoming fiscal year.
The money would include $12 billion to address the state’s housing shortage, around $5.2 billion to cover back rent and a round of $600 stimulus checks to residents.

Newsom is also facing a recall election, and opponents say the small business grant program is an effort to woo voters ahead of that election.

Los Angeles County has been awarding grants to restaurants specifically. This week, 132 restaurants received funding of up to $3,500 for Covid relief.

[LAT] — Dennis Lynch


Related Articles

arrow_forward_ios
Alhambra takes shot at SB9 with emergency ordinance
Alhambra takes shot at SB9 with emergency ordinance
Alhambra takes shot at SB9 with emergency ordinance
Dip in signed contracts reflects LA’s ongoing inventory squeeze
Dip in signed contracts reflects LA’s inventory squeeze
Dip in signed contracts reflects LA’s inventory squeeze
How hot was it? Plunge puts pandemic peak in perspective
How hot was it? Plunge puts pandemic peak in perspective
How hot was it? Plunge puts pandemic peak in perspective
State’s sluggishness leaves landlords “holding the bag”
State’s sluggishness leaves landlords “holding the bag”
State’s sluggishness leaves landlords “holding the bag”
Newsom signs raft of more than two dozen affordable housing bills
Newsom takes another swing at affordable housing crisis
Newsom takes another swing at affordable housing crisis
A construction site in Century City (Getty)
California launches $1.8B fund for stalled affordable housing projects
California launches $1.8B fund for stalled affordable housing projects
Two pending California housing laws are controversial. Will they be consequential?
Newsom signs 2 controversial measures to boost housing. Will they be consequential?
Newsom signs 2 controversial measures to boost housing. Will they be consequential?
Gov. Gavin Newsom (Getty)
California Gov. Newsom wins recall election; homeless, housing crises loom
California Gov. Newsom wins recall election; homeless, housing crises loom
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...