Business Assistance Program
Town of Mammoth Lakes Business Assistance Program - Revised January 2021
The Town of Mammoth Lakes established a Business Assistance Program to help retain local jobs, keep storefronts tenanted, and support the local economy in light of the COVID-19 pandemic and statewide Stay-At-Home Executive Order.
On June 10, Town Council approved funding to establish a business assistance program and on June 17, Town Council approved the program guidelines. On December 23, 2020 the Town Council provided additional funding for the program. This program is designed to help small business owners impacted by COVID-19 stay afloat during this unprecedented time. Qualified small businesses can apply for one-time grants in amounts up to $20,000 to utilize for business costs including rent or mortgage, payroll, utilities, insurance, loan payments related to running the business and any other documented cost of business operations.
Business Assistance Program Round 5
On January 4, the Town released the guidelines for Round 5 of the Business Assistance Program. The revisions allow businesses with up to $3,000,000 in gross revenue and at least a 30% loss in gross revenues when comparing March-December 2020 to March-December 2019 to apply for funding.
Support the Mammoth Lakes Business Assistance Program
Donations can be made to the Mammoth Community Foundation which is managed by the Mammoth Lakes Chamber of Commerce. Please visit the Chamber of Commerce website for more information on donations.
- Businesses must make less than $3,000,000 in gross revenues in the prior year (January 1, 2019 – December 31, 2019) from operations within the Town of Mammoth Lakes.
- Businesses must have a physical, commercial storefront and/or be an establishment with which the business and the public interfaces in the commercial zoning districts (OMR, D, MLR, NVSP, CSP) of Mammoth Lakes. View the Mammoth Lakes Zoning Map for information on Zoning Districts.
- Businesses must have been in operation, with a current business tax certificate, for six months prior to March 30, 2020.
- Businesses must demonstrate that immediate assistance from other sources is inadequate, unavailable or unlikely to meet financial needs to secure opening and ongoing operations and/or to retain jobs.
- Applicants and their businesses must be in good standing with the Town with no outstanding fees, debts, or warrants.
- Businesses must currently open for business or intend to re-open once allowed to do so in compliance with Mono County and State of California orders and restrictions.
- Businesses must show at least a 30% loss in gross revenues when comparing March-December 2020 to March-December 2019.
The following businesses are not eligible:
- Home-based businesses or sole proprietorship’s without a physical, commercial storefront
- All types of lodging entities
- Lending and investment institutions and insurance companies
- Businesses with no physical storefront or interface with the public.
- Nonprofit entities
- Businesses operating outside of the Town of Mammoth Lakes municipal boundary
- Franchise businesses that are not independently owned and operated within the Town
- Businesses without a valid Town of Mammoth Lakes business license
- Businesses engaged in any illegal activity according to local, state or federal laws or regulations
- Subcontractors under a primary business license, such as in a salon
- Business owners or businesses with any of the following:
- Pending bankruptcy or insolvency proceedings
- Outstanding judgments or tax liens
- Conviction of fraud
- Delinquency of federal tax payment or a federally regulated loan
- Suspension or debarment from contracting with the federal government or receiving federal funds
FREQUENTLY ASKED QUESTIONS
How do I apply?
Grant applications will be available on the Town’s website beginning January 4, 2021 (Round 5). Only complete applications with all exhibits will be accepted. In addition to the application form, the following supporting documents will be needed:
- Income statements for March 2020-December 2020.
- Income statements for March 2019-December 2019.
- Income statements should be clear and easy to understand and should show at least a 30% loss in revenue when comparing March-December 2020 to March-December 2019.
- 2019 financial statements sufficient to demonstrate revenues below $3,000,000
These documents are for grant selection purposes only and will not be shared beyond the selection committee unless required by law.
What are the restrictions for the funds?
Donations are 100% restricted to pandemic relief for small businesses related to business costs including rent or mortgage, payroll, utilities, insurance, loan payments related to running the business and any other documented cost of business operations.
Who creates grant guidelines?
The Town has developed the guidelines and the funding committee will evaluate applications accordingly. The committee has sole discretion to determine the greatest need.
Who is on the funding committee?
The Funding Committee is comprised of a range of members from various public agencies, appointees to public boards/commissions, and Town staff.
How and when will grants be allocated?
Round 4 grant application period will begin on December 15, 2020 and will close on December 22, 2020. After staff evaluates applications for meeting eligibility requirements, the committee will review applications and funding is anticipated to be allocated by the end of December.
How much will the grants be worth?
Grants will be disbursed in amounts of up to $20,000 per award, with an anticipated average of $15,000 per grant. Total grant funding disbursed will be dependent upon how much money is available.
What will make an application more likely to be approved?
Applications demonstrating the greatest need, specifically an inability to generate revenues under the current COVID-19 restrictions on business operations and travel, businesses which rent or lease their locations and are more vulnerable to eviction and/or businesses whose landlords are not allowing rental flexibility, ability to reopen once doing so is allowed under Mono County and State of California orders and restrictions.
How much money will be available?
Round 5 has funding of $520,000. Donations are anticipated to provide additional funding for the program.
How can the community donate?
The community can donate directly to the Mammoth Lakes Chamber of Commerce, our 501(c)3 fiscal agent.
Is the donation tax-deductible?
Donations may be tax-deductible; donors should consult with their tax advisors.
Are program grants taxable as gifts or income?
Possibly. Grant recipients should consult with their tax advisors.
Are short term rental property owners (Airbnb, VRBO, etc.) eligible for grants?
No, because short term rentals do not have a physical storefront in town they are not eligible.
- Business Need: Points are awarded to applications that clearly and specifically define how COVID-19/Shelter-In-Place has impacted their business.
- Planned Use of Grant Funds: Points are awarded to applications that clearly articulate how funds will help them stay in business.
- Sound Financial Management: Points are awarded to applications that demonstrate sound financial management.
- Council action on December 23rd to provide additional funding.
- Application period opens for 1st grant cycle, program promotion begins January 4th
- Application closes on January 13th at midnight, then applications will be screened by staff and submitted to Committee for rating and selection
- Grantees will be notified of award status the week of January 18
- Awards granted by the end of January