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o Within 5 business days of application being accepted, need to submit 2019 tax return <br /> now or later if not completed, but must be submitted for loan forgiveness. <br /> o Evidence of revenue loss — sales tax reporting, period statements, merchant services <br /> statements, and point of sale reports. <br /> o Evidence of employment prior to 3.1.20. <br /> • Enforcement <br /> o None detailed in program flyer. <br /> Kandiyohi County& City of Willmar Economic Development Commission <br /> • Eligibility <br /> o For-profit businesses that can demonstrate business losses. <br /> o Gross revenue reduction of least 25% between 3.1.2020 and 5.30.2020. <br /> o Small businesses with up to 50 FTEs. Employees for program may be either W-2 <br /> or ind. contractors. <br /> o Physical, commercial location in Kandiyohi county. <br /> o Registered with Sec. of State and operating since 3.1.19. <br /> o Businesses eligible to apply for funding from only one local unit of government. <br /> o Nonprofits can apply for up to $50,000 in funding based on need, except for <br /> religious groups, lobbying/political groups, and organizations that restrict <br /> activity based on gender, ethnicity, orientation,or ability. <br /> • Exclusions <br /> o Banks, law firms, accounting firms, utilities, chain convenience stores, rental <br /> properties, agriculture,insurance agencies, financial advisors,passive investments. <br /> • Aid <br /> o Eligible applicants may request up to $15,000 in grant funding. <br /> • Restrictions <br /> o Cannot receive grant funding through more than one local unit of government. <br /> o Cannot be used to pay property taxes. <br /> o Need to show itemized expenses—receipts are required for expenses over $250. <br /> • Process <br /> o First-come, first-serve basis. <br /> o Acted on by EDC finance committee and board of commissioners. <br /> • Application <br /> o Asks for what purpose funds will be used, giving PPE, rent/mortgage, utilities, <br /> insurance, or other regular expenses as examples. <br /> o Asks for other funding sources. <br /> o Asks for principals of the business. <br /> o Also copy of most recent tax return, current business filing with Sec. of State, income <br /> and expense statements from second quarter 2019 and second quarter 2020. <br /> • Enforcement <br />