$10K Grants for MN Businesses Under 50 Employees
The Minnesota Department of Employment and Economic Development (DEED) announced the opening of applications for the new Minnesota Small Business Relief Grants Program.
This program will make available $10,000 grants to Minnesotan owned and operated businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak. A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process.
Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. These are grants and no repayment will be required.
Who Can Apply?
To qualify, an applicant must:
- Employ the equivalent of 50 or fewer full-time workers.
- 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.
- Be able to demonstrate financial hardship as a result of the COVID-19 outbreak.
When and How Do You Apply?
Applications for the Small Business Relief Grant Program are now open and will be accepted until 5:00 p.m. on Thursday, July 2. You can access the application here.
You can find more information about eligibility and frequently asked questions on DEED’s website here.
Our Mission of Service
Our team at North Risk Partners will continue to monitor regulatory updates and guidance related to the COVID-19 outbreak and send you information as it becomes available. We are here to help you through this and face the risk of this virus head on, which to us is about helping you proactively control what you can control with facts and evidence-based information. Thank you for continuing to trust us with your business and doing your part to help protect our communities by controlling the spread of COVID-19.
FACE RISK HEAD ON
If you have questions related to this update, please contact your North Risk Partners advisor. Don’t have an advisor? No problem. We’ll help you find one.
This regulatory update is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.