7.8. EDSR 08-17-2020 - Laserfiche WebLink

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• Application o Asks for basics about business, also requires supporting documentation of: evidence that business owns or leases space, proof of eligible expenses requested to be paid with grant funds (fixed debts, payroll costs, accounts payable, utility payments, inventory costs, and other critical expenses), W-9 Form, and any other supporting docs. o Applicant acknowledgement — holds EDA and officers/consultants harmless, understand grants can only be used for eligible expenses, and certifies it will be bound by program guidelines. o Requires Grant Agreement after selection. • Enforcement o Grant recipients must submit a report 60 days after grant agreement that specifies how funds were used. Worthington (Proposal)—Partnership with Nobles County. and City of Worthington, funds distributed through the Worthington EDA. • Eligibility 0 10% revenue loss year-over-year between 3.1.19 and 5.31.20 or o Have been restricted from operating above 50% capacity by executive orders. 0 50 or less full-time equivalent employees. o Permanent physical location within city. o Legally operating within city and current in property taxes with city and county. • Exclusions o Nonprofits and home-based businesses • Aid o Granted on "up to basis," up to $5,000 for Tier 1 employers (0-5 FTES), up to $7,500 for Tier 2 employers (6-24 FTEs), and up to $10,000 for Tier 3 employers (25-50 FTEs). • Restrictions o Funds can only be used for operating expenses after 3.1.20. o Funds cannot be used for capital expenses, including business acquisition and land purchases. o Funds cannot be used to pay back taxes, including property taxes • Process o One-month application window, not first-come, first-serve o Funds allocated equally among eligible applicants if there are not enough funds to give every eligible business in the Tier the full "up to" amount. • Application o Owner, Business Location, Mailing Address, Number of FTEs, Active Business Registration with SOS, Tax Liens from Nobles County or State of MN, and two main eligibility requirements. o Must have copy of SOS filing for the business for application to be complete.