Small Business Champion Grant FAQs

Where can I get help with completing the application?

Applicants may attend the launch of the Champions Grant in person or join via Zoom. The Champions Grant launch event is designed to help applicants better understand the Program and will include step-by-step instructions on completing the application. Limited on-site desktop computers will also be available. Applicants can sign-up to complete and submit the application during the in-person launch event.

Location:

Inglewood Senior Center

111 N. Locust St., Inglewood, CA.

 

Date:

 July 24, 2023

Time:

5:00 pm – 8:00 pm

Parking:

Available on site

 

How long will I have to apply once the application portal opens?

The grant application window opens on July 24, 2023, and will remain open for 30 days, from July 24, 2023, to August 23, 2023. Small business owners are encouraged to apply early.

 

Are certain businesses ineligible for assistance?

Yes, the following businesses are not eligible for this Program:

  • Businesses that are not located and actively operating in the City of Inglewood
  • Gambling facilities
  • Liquor stores
  • Cannabis businesses
  • Franchise businesses that are not independently owned and operated within the City of Inglewood limits
  • Businesses engaged in any activity that is illegal under federal, state, or local law
  • Businesses not in operation at the time of application or award
  • Passive businesses are not eligible. These include rental properties, vending machines, investment companies, investors who file a Schedule E on their personal tax returns, or any business in which the owner does not actively participate
  • Landlords and property managers
  • Businesses primarily engaged in political or lobbying activities
  • Financial businesses primarily engaged in the business of lending, such as banks, finance companies, investment institutions, and insurance companies
  • Businesses engaged in any socially undesirable activity or activity that may be considered predatory such as check-cashing businesses

 

What is an EIN or TIN #?

An Employer Identification Number (EIN) is a Federal Tax Number (TIN) used to identify a business entity. Generally, businesses need an EIN. Like a Social Security number, the EIN is nine digits long and assigned by the federal government. The IRS uses the number to identify taxpayers required to file various business tax returns.

 

Will I receive a notification that my application has been received?

Yes. You will receive an email confirmation from ChampionsGrant@cityofinglewood.org after your application has been received. Check your spam/junk folder if you do not receive an email shortly after submitting your application.

 

Can I edit my application after submission if I make an error?

No. Please ensure all required documentation is available at the time of submission, as changes cannot be made after the application has been submitted. Applicants failing to provide required supporting documentation at the time of submittal will be automatically disqualified. Multiple submissions for the same business during the application cycle will not be eligible.

 

 

Why is the application period only open for 30 days?

Due to limitations on available funding, the City will limit the application period to 30 days. If funding remains after the grant application has closed, the City may open another round of funding for the Program.

 

What is the maximum amount of the grant, and what are the terms of the grant?

The maximum grant award is $20,000, with one award issued to a business entity. Multiple grant awards will not be issued to eligible small businesses. This is a grant award and not a loan. Once an award has been issued, they do not have to be repaid.

 

How will I be notified if I am awarded a grant?

If the application for funds is approved, you will receive an email indicating that you have been selected to receive an award, the award amount, and the “Next Steps” to be taken to receive the award.

 

What if I am not awarded a grant? Will I still be notified?

Due to the limited allocation of funds available for the Program, depending on the number of businesses that apply, it is possible that not all eligible businesses can be assisted. Application is not a guarantee of funding. Those businesses not approved for a grant will receive an email indicating they were not selected to receive an award during this Program cycle.

 

Is this grant taxable income?

These grants are funded through the Federal American Rescue Plan Act and are generally excluded from the recipient’s gross taxable income. Grant recipients are advised to consult their tax accountant or advisor for further questions regarding their tax obligation.

 

Does anything need to be repaid?

No, these grants do not need to be repaid. However, grant recipients must attest to their intent to use grant funding for business-related items and/or expenses.

 

Will receiving a grant impact other federal assistance or unemployment insurance eligibility?

The City of Inglewood will not disqualify a business because other assistance or funding has been applied for or received. However, you will need to check with those assistance providers if receiving an ARPA grant award impacts the assistance or insurance the entity would provide.

 

How long will it take for a successful applicant to receive an award, and in what form of payment?

Once all submissions are reviewed, awardees will be notified via email. Grant payments may be made via direct deposit into a business account or by check in the business’ name. It could take 3-4 weeks for payment to be administered after the selected business has elected to receive the grant funds.

 

My business is new, and I don't have a tax return. Am I still eligible to apply?

Businesses that were not in operation prior to March 15, 2019, are not eligible to participate in the program.