Wondering whether or not your small business is eligible for the Minnesota Small Business Relief Grants Program? No problem, we're here to provide you with all the necessary information regarding the program's requisites and application steps.
What is it?
As of June 16, 2020 the Minnesota Department of Employment and Economic Development (DEED) will continue to manage the Minnesota Small Business Relief Grants Program that was signed and approved by Gov. Tim Walz and the Minnesota State Legislature.
For Minnesotan owned and operated businesses undergoing financial difficulties due to the COVID-19 outbreak, this program will give small businesses a chance to receive $10,000 grants from an available $60.3 million allotment. Grants will be awarded via a computer-generated randomized selection process and applications for the relief program are open now until 5:00 p.m. on Thursday, July 2. To access the application form, click here.
What can it be used for?
Small businesses that have been accepted into the relief program will be able to use grant funds for working capital as a means of supporting payroll, rent, mortgage payments, utility bills, and other similar expenses that have occurred since March 1, 2020.
How can I apply?
To be accepted into the Minnesota Small Business Relief Grants Program, an applicant must:
- Be a private for-profit business that has a permanent physical location in Minnesota.
- Be majority owned by a permanent resident of Minnesota.
- Be in good standing with the Minnesota Secretary of State and the Minnesota Department of Revenue as of March 1, 2020.
- Employ the equivalent of 50 or fewer full-time workers.
- Be able to demonstrate financial hardship as a result of the COVID-19 outbreak.
For more information, visit https://mn.gov/deed/business/financing-business/deed-programs/relief/
Please do not hesitate to call our team for further information.
To see more updates like this, especially those that impact small businesses, follow us and visit CSI’s COVID-19 (Coronavirus) Resource Center.