The County Council yesterday approved a $1 million special appropriation to supplement the Small Business Rental Assistance Program for qualifying businesses affected by the COVID-19 pandemic.
The funds will be administered under a contract with the Latino Economic Development Center, a regional nonprofit (with a Wheaton office) whose “mission is to drive the economic and social advancement of low- to moderate-income Latinos and other underserved communities,” according to its website.
To qualify, a business must, according to the council staff report:
- Be physically located in the county, or its county-based locations account for more than 50% of the business’s total number of employees, or 50% of the business’s gross sales
- Had annual revenues of $500,000 or less prior to the pandemic
- Is a retail or service-related business, but not a restaurant or food service business, medical practice, professional services business, religious organization, or daycare facility
- Has a commercial lease in the county, and
- Can demonstrate a revenue loss due to the pandemic.
Eligible businesses will be able to receive up to $10,000, or three months rent.
Applications for the funding will be developed and released at a later date.
Montgomery County graphic