7.8. EDSR 08-17-2020 - Laserfiche WebLink

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o Grant recipients must provide documentation of how funds were spent within 60 days following grant disbursal. Dakota County CDA • Eligibility o Must be locally owned and operated for-profit organization with physical location in Dakota County. o Majority owned by permanent resident of Minnesota. o Good standing with MN Dept. of Revenue, Sec. of State, county, and city. o Demonstrate the business was adversely affected by Exec. Orders related to Covid- 19, or demonstrate financial hardship. o Financial hardship defined as 10% drop in gross revenues between 3.1.19—5.31.19 vs. same period in 2020. • Exclusions o Businesses with no physical location in county. o Home-based businesses, non-profits, adult-oriented businesses, passive investment businesses, speculative businesses, pyramid companies, gambling operations, businesses that earn more than half revenue from lending. o Businesses that received funds through state small business emergency loan or DEED small business relief grants are not eligible. • Aid o Grants of up to $10,000 based on economic hardship. • Restrictions o Funds must be used exclusively for up to 3 months of operating expenses, including payroll, rent/lease payments, mortgage payments, utilities, payments to suppliers, or other critical business expenses as determined by program admin. • Process o Application window is 7.27—8.14. o If applications exceed funding, lottery process will be used. • Application o If selected, business must provide following within five days: o Revenue verification—2019 tax return o Impact and loss of revenue verification. o Employee verification o Evidence of grant-eligible expenses over past three months. • Enforcement o Requires grant recipients to show how the funds were spent by 1.31.2021. Marshall EDA—Reimbursement Program • Eligibility o Physical, commercial location in Marshall.