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Application deadline looms for Arcadia smallbusiness grants
By Staff
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Pandemic relief grants totaling $1 million are still up for grabs for small businesses in Arcadia.
Applications for a program funded through the federal American Rescue Plan Act are due by Thursday, Dec. 29.
“The Arcadia small business community has weathered the worst of the COVID-19 pandemic. However, the coming year will continue to be a critical time for many small businesses in the City,” former Mayor Tom Beck said in a statement in October after the City Council approved the grant programs. “By allocating $1 million in ARPA funding to the business grant and assistance programs, the City is making a long-term investment into the well-being of our local community and economy.”
Arcadia’s ARPA Small Business Grant Program has received $750,000 in funding to provide grants up to $10,000 to Arcadia small businesses, according to the city. The grants can be for physical improvements to a company’s place of business, updating digital marketing and branding or other improvements focused on attracting new customers. After the Thursday deadline, city officials will review applications and award the funding based on program criteria and eligibility requirements.
The ARPA Small Business Permit Assistance Program provides $250,000 to pay as much as $5,000 to cover city planning and building fees for entrepreneurs who are opening a new business, expanding an existing business or doing construction improvements to their current workspace, according to the city. Officials began accepting applications for this relief program on Nov. 15, but unlike the Small Business Grant Program, permit assistance applications will be accepted and approved on an ongoing basis until the funds run out.
These two current COVID relief programs, which the Arcadia Economic Development Division administers, add to $375,000 in small business grants that the city distributed in 2020 and 2021 via the Coronavirus Aid, Relief, and Economic Security Act and the Community Development Block Grant program, according to the city.
The Economic Development Division can be reached at EconDev@ArcadiaCA.gov or 626-574-5409.
Feds issue warning about student debt-relief scams
By Suzanne Potter, Public News Service
Scammers targeting student-loan borrowers are shifting into high gear - spurred by the uncertainty surrounding President Joseph R. Biden's debt-cancellation plan. The Supreme Court will hear a case in late February that seeks to strike down the administration's plan to offer up to $20,000 in debt relief to low-income student loan borrowers.
Michelle Grajales, staff attorney with the Federal Trade Commission attorney, said fraudsters are playing on people's anxieties. "A major red flag is any company that calls you up and asks you to pay now for help with your loans later. Because that's something that's specifically prohibited under one of the rules we enforce. And so it is really unlikely to be a legitimate company," she said.
The president's debtcancellation plan is currently on hold while the litigation continues, so it is not processing any applications. The website of the U.S. Department of Education, studentaid.gov, has a link to sign up to be notified if the program is restarted. The pause on federal student loan payments has been extended until the litigation is resolved. The best place to start for accurate information about your loans is to contact your federal loan servicer.
Some scams promise to reduce or zero out your monthly payment, and some target parents who have co-signed on Parent Plus loans. Grijales said the familiar adage applies: "if it sounds too good to be true, it probably is," she said. "It could be loan forgiveness. It could be, 'Hey, pay us X amount, and we'll get your loans forgiven right now, or we'll get some large amounts of your principal balance forgiven or canceled,' right? And that might be a benefit that the consumer doesn't actually qualify for," she said.
She added that other scams are circulating where they purport to be your loan servicer and ask that you route your payment through them. Other scams are intended primarily to get people to divulge their personal identity or banking information. For more tips, go to the Federal Trade Commission website.
References - Fraud tips: https://consumer.ftc.gov, Oct. 18, 2022. Student aid report Dept. of Education 2022
