4.8.2021 Council approves $1 million special appropriation to help small businesses in the County

On Tuesday, the Montgomery County Council unanimously approved a $1 million special appropriation to assist small businesses with rent payments.

Many businesses in the County are small retail or service-oriented businesses that depend on customer volume to meet basic liabilities like rent payments. The pandemic has significantly disrupted these businesses for over a year.

The program will be implemented by the Latino Economic Development Center (LEDC) in partnership with the County’s Business Advancement Team. LEDC intends to market this program and leverage its connection with the business community to reach out to disadvantaged communities. It will also be available to assist businesses in preparing application materials.

A business is eligible to receive assistance from this program if it has its physical location(s) only in the County or its County-based locations account for more than 50 percent of the business’s total number of employees or 50 percent of the business’s gross sales.

The business also must have received $500,000 or less in annual revenue prior to the pandemic and be classified as a retail or service-related business (not including a restaurant, food service business, medical practice, professional services business, religious organization, or daycare facility); have a commercial lease in the County; and must demonstrate a revenue loss due to the pandemic.

Each eligible business may be awarded a grant up to three months of rent based on its current lease or $10,000, whichever is less.