$3M In Recovery Grants Announced For Lakewood Businesses

LAKEWOOD, CO — Lakewood will begin accepting applications Tuesday for its COVID-19 Business Relief and Recovery Program, which will allocate $3 million in grants to Lakewood small businesses. The two-phased grant process could help more than 400 businesses, officials said.

Approved by City Council on Monday, the funds are a portion of the $12.3 million that Lakewood received from CARES Act federal relief funds.

Eligible Lakewood businesses can apply from 9 a.m. Tuesday to 11:59 p.m. Thursday.

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To be eligible, businesses must employ 25 or fewer employees, need to be in Lakewood and must have a current Lakewood business license and registration with the state. Businesses based outside the state and medical marijuana shops cannot apply for the city's recovery grants, officials said.

The program will provide a $2 million pool for large grants and a $1 million pool for "modest, random-drawing grants," officials said. The large grants will range from $5,000 to $30,000, and eligible businesses will be assessed on a "weighted rubric including years in business, number of employees up to 25, most affected industries and COVID-19 expenses," the city said. The grants will be based on the business's calculated lost revenues. For the random drawing of smaller grants, eligible applications that don't receive a large grant will be entered into the drawing for grants of $3,000.

>> Apply for the business recovery grants here.