Small businesses that act fast can apply for a grant program designed to help companies pay basic operational expenses in a coronavirus-crippled economy.
 
In partnership with Verizon, the Local Initiatives Support Corp. (LISC) is offering $10,000 grants from a $10 million fund established by Verizon. The catch? The application window opened Monday morning and closes at 11:59 p.m. Tuesday.
 
Small businesses – especially those in historically underserved communities hit hard by the pandemic – are encouraged to apply, according to the program’s website, which provides grant information and the application portal.
 
Grant funds can be used to pay rent and utility costs, to meet payroll, to pay outstanding debt to vendors, to upgrade a company’s technology infrastructure, and for some other immediate operating costs, according to the program’s website. An applicant must show proof that the business was adversely affected by COVID-19.
 
Owners of multiple businesses may apply for one business only and should complete the application based on their largest business.
 
Nonprofit organizations are not eligible to apply.
 
LISC is a U.S. nonprofit community development financial institution that supports community development initiatives in 35 cities and across 2,100 rural counties in 44 states. It was created in 1979 by executives from the Ford Foundation.