Arlington County has approved a grant program for small businesses in the county that have been affected by the coronavirus outbreak. A limited number of grants of up to $10,000 are available when the application process begins next month.
The $674,000 being used to fund the GRANT (Giving Resiliency Assets Near Term) Program is being reallocated from existing Arlington Economic Development grant funds in the fiscal 2020 budget. The grants are available to both businesses and nonprofits with fewer than 50 employees. Those approved for the grant money can use it for salaries and benefits as well as capital and operating expenses. A recent survey by AED found more than 9 in 10 small businesses call the pandemic extremely or very disruptive to business operations.
Those applying for the grants must demonstrate a revenue loss of at least 35% as a result of the COVID-19 pandemic. Applications will be evaluated through a competitive process involving a weighted scoring system, looking at the number of jobs retained or supported with funds, length of time in business and whether it is a woman and/or minority-owned business.