Rural businesses offered grants to offset COVID-19 impact

Grant opportunities are available for small businesses, especially those in rural areas, and businesses owned by women and minorities that have been impacted by the coronavirus pandemic.

Thanks to a $55 million significant commitment grant from Lowe’s, LISC will provide the emergency grant assistance that small businesses desperately need to stay afloat.

Grants from the LISC will be made in amounts ranging from $5,000 to $20,000. LISC will use the funding to provide grants to businesses facing immediate financial pressure because of Covid-19.

Grants can be used for rent and utilities, meeting payroll, paying outstanding debt to vendors and other immediate operational costs.

These grants do not need to be repaid. However, all taxes associated with the acceptance and/or uses of cash awarded are the sole responsibility of the individual grantee.

Cash awarded will be reported by LISC to the IRS as LISC deems necessary according to applicable law. It is further the policy of LISC that all LISC grantees be advised to consult with their own tax professionals and/or legal counsel to ascertain the tax impact of the cash awards. LISC will issue a Form 1099 for any grant of $600 or more. 

This $55 million commitment makes Lowe’s the largest donor to LISC’s COVID Rapid Relief & Resiliency Fund. From the grant, $30 million will focus on small businesses owned or led by minorities and women, who often lack access to affordable capital. The remainder will support enterprises in rural communities, which typically face even more hurdles than their urban counterparts due to limited access to bank credit, capital and other support services.

The grants are designed to help those businesses bridge the financial gap and provide guidance to help them navigate the intricate web of public and private resources now available.

More inclusive information is on the link, https://www.lisc.org/covid-19/small-business-assistance/rural-relief-small-business-grants/