Posted on 03/20/2024
The City Council approved a report from the Trade, Travel, and Tourism Committee to reallocate funding from the American Rescue Plan Act (ARPA) in order to enhance various economic development programs.
On Nov. 24, 2021, the City Council had authorized the Economic and Workforce Development Department (EWDD) to use $12 million in ARPA funds for the Small Business Rental Assistance Program. This initiative aimed to offer grants of up to $15,000 to support rental and lease costs for approximately 800 small businesses in qualifying industries located in disadvantaged areas. In 2022, the EWDD launched the Program, assisting 564 small businesses by distributing over $6 million in grants through three funding rounds. There is now a remaining balance of $5,125,137 from the initial $12 million allocation.
The latest action allows the Council to reprogram the remaining funds for five key initiatives. These include the L.A. Regional Small Business Legal Aid program, which offers free legal education and direct representation to eligible small businesses that have suffered from the effects of the COVID-19 pandemic. Another program set to benefit from the reallocated funds is the Sidewalk Vending Cart program, a collaboration with the County of Los Angeles that will provide funding to purchase food vending carts to eligible for-profit sidewalk vendors operating in the city.