Lakewood Announces New Resources in Small Business COVID-19 Assistance Grant Program

More than $216,000 in new funds available

The City of Lakewood has expanded its popular Small Business COVID-19 Assistance Grant Program with new funding available. Applications can be found at http://www.lakewoodoh.gov/job-retention-program/.

Mayor Meghan George said, “We initially created this program to get these desperately needed funds out to our small businesses in an efficient and useful way. Now, we are very excited that this program is expanding to include even more small businesses that have been affected by COVID-19. Small businesses are the backbone of Lakewood’s economy, and we hope that these funds will lessen the undeniable toll that these last eleven months have taken.”

The City of Lakewood’s Small Business COVID Assistance Grant Program, which provides emergency assistance to eligible Lakewood small businesses that have experienced a reduction in revenue as a result of the current public health emergency, includes businesses with fifty (50) or fewer employees that commit to retaining at least one (1) full time equivalent (FTE or 40 hours) employee as long as the FTE position pays $42,600 or less per year. The City of Lakewood will make $216,475 available for this round of small business grants. Assistance is up to $7,000 per business to cover rent and eligible payroll expenses. Businesses who own their building can apply for payroll support only.

Applications will be accepted until all funds have been awarded. The City of Lakewood reserves the right to request additional documentation, change their requirements, and/or deny assistance. Assistance is not guaranteed.

Shawn Leininger, Director of Planning & Development for the City of Lakewood, said, “The expansion of this program clearly demonstrates Lakewood’s commitment to lessening the devastating impact that COVID-19 has had on our small businesses. We have seen significant success with these funds to date and we know that this round will be crucial to so many business owners who continue to fight the financial impacts of the pandemic. Lakewood, once again, has set a high standard for the way a small government responds to the needs of its citizens. Our team and our partners at LakewoodAlive will continue to make sure that these funds reach their recipients as quickly and efficiently as possible.”

Mayor George added, “We had hoped that by this time, the pandemic would be winding down and our local businesses would be starting to bounce back from its impact. Unfortunately, we are still in the middle of this once-in-a-lifetime crisis, but, amazingly, so many of our small businesses have been able to maneuver through this. We couldn’t be more proud of them, and so my administration is willing to do whatever is necessary to help. I want to thank LakewoodAlive and the Lakewood Chamber of Commerce for their support of this initiative.”

Qualifying businesses must have the following criteria:

The Business Must:

• Be physically located in the City of Lakewood
• Be in good standing with the City of Lakewood (i.e. no tax delinquencies)
• Have been established prior to March 22, 2020
• Employ fifty or fewer employees, including the business owner (1099/contact employees are not eligible)
• Rent or own a retail or commercial space (home based businesses are not eligible)
• Provide financial documentation
• Have a DUNS number

The Business Owner Must:

• Commit to retaining at least one (1) FTE equivalent position meeting HUD’s income requirements
• Have been current with rent or mortgage prior to April 1, 2020
• Provide certified payroll sheets for all business employees (April 1st forward)

“Our partnership with the City of Lakewood and the George Administration has helped so many small businesses access critical funding during COVID-19,” said LakewoodAlive Executive Director Ian Andrews. “Small businesses are the backbone of our community and it’s humbling to hear the lengths that these entrepreneurs have gone to in order to keep their dreams alive, support their employees and do all they can to get to the other side of this pandemic.”

For more information on the Small Business Rent Relief grant program and other Business Emergency Resources, visit http://www.lakewoodoh.gov/covid19businessresources/. For assistance with your application, contact LakewoodAlive at iandrews@lakewoodalive.org or contact the Planning & Development Department via email at planning@lakewoodoh.net.