EDA PACKET 08.18.20 - Laserfiche WebLink

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Terms • Up to $15,000 grant based on economic injury from COVID-19 and eligible expenses. Funds can only be used for Federal CARES Act eligible COVID-19 related or incurred public health emergency business operating expenses, including rent payments, mortgage payments, payments to suppliers, payments to private utility companies or other critical non -payroll business expenses (including expenses related to reopening) as approved by MCCD and the CDA. If any other COVID-19 related business assistance grant funds were received from the SBA Paycheck Protection Program, Economic Injury Disaster Loan, Pandemic Unemployment Assistance, local city or township grants and/or State of Minnesota Department of Employment and Economic Development, Washington County funds may NOT be used for the same expenses that were paid with other sources of funds. By Federal CARES Act regulations, funds may not be used for government utility (i.e. water and sewer) expenses or for the payment of federal, state, local tax obligations which includes property and sales tax. Eligible Businesses • Must be a locally owned and operated for -profit business with a physical address documenting business establishment in Washington County. Multiple individual businesses located in Washington County that are owned by one owner are eligible to apply. • For up to the maximum $15,000 funding limit, businesses must have at least one FTE (full time equivalent) employee in addition to the owner as of March 1, 2020 and not more than 50 FTE employees, and generate under $3.5 million in annual revenues. • Must have been operating for at least 6 months prior to March 1, 2020. • If required by the state or local government, businesses must be licensed and in good standing. Property taxes must have been current prior to March 1, 2020. • Business must demonstrate a significant loss in revenue since March 15 (no credit score or collateral requirements apply). • Non -employer home -based businesses are eligible; however, priority will be given to employer businesses with separate non-residential property addresses. Separate funding level (up to $7,500 maximum) for non -employer home -based businesses or for self-employed entrepreneurs that have no employees that have a physical location for their business in Washington County other than their personal residence. All other terms and conditions of these policies apply to any home -based or self- employed businesses. Certain businesses are ineligible, including: Non-profit, religious, or membership -based organizations. Corporate owned chains are ineligible to receive funding; however, locally owned franchise businesses are eligible. Businesses in default conditions prior to February 29, 2020.