Verizon said on Thursday it donated an additional $2.5 million to small businesses through the Local Initiatives Support Corp., a nonprofit offering relief support to small businesses facing financial hardships due to the COVID-19 pandemic.
This has brought LISC’s Verizon Small Business Recovery Fund up to a potential $7.5 million.
Verizon and LISC also announced the first round of 200 grant recipients to each receive $10,000 to support their small business in payroll, rent and other immediate operational needs. A second round, which will total up to $2.5 million worth of grants, will be distributed through LISC’s ongoing #PayitFowardLIVE weekly streaming series.
The first round of grants received more than 55,000 applications. With that, Verizon said it will commit to another $2.5 million in funding to support a third round.
“The overwhelming response received from the first round of applicants stressed the urgent need for additional funding to these businesses,” Rose Stuckey Kirk, chief corporate social responsibility officer of Verizon. “Verizon recognizes how valuable small businesses are and that the economic stability of our communities is based on their success. It’s critical that we lean in and support these businesses so they can continue to sustain themselves during this unprecedented time of need.”