Telecommunications giant Verizon said Friday that it would provide $10 million in grants to small businesses. Available through the Local Initiatives Support Corporation, or LISC, small businesses that are struggling due to COVID-19 will be eligible for $10,000 grants to support their recovery and survival through the pandemic.
Applications will open Monday, February 8, for small businesses nationwide to help them pay rent and utilities, meet payroll, pay outstanding vendor debt, upgrade technology infrastructure, and cover other immediate operational costs, according to LISC’s L.A. chapter. Click here to sign up for an email alert when the Verizon small business grant application goes live.
The grants come at a time when small businesses throughout the country are struggling, but especially in Los Angeles. According to a recent Yelp economic report, L.A. has had the most business closures of any U.S. city since the pandemic began: 15,000 businesses have closed in L.A. County, half of which are expected to be permanent.