CITY OF FARIBAULT: City To Launch Small Business Relief Fund July 20

By Press release submission

Jul 20, 2020

City of Faribault issued the following announcement on July 16.

The City of Faribault understands that the COVID-19 pandemic has had an immediate and detrimental impact on our small local businesses. In an effort to provide temporary relief, the City of Faribault has created the Small Business Relief Fund (SBRF). The SBRF is funded through federal CARES Act dollars, and is intended to provide one-time financial support to businesses experiencing financial hardship as a result of the COVID-19 pandemic, and help these businesses survive the current economic crisis. The application for the program will go live at 8 a.m. Monday, July 20, and can be found here. Please note some of the guidelines below.

Eligible businesses must meet the following criteria:

Locally owned and operated for-profit business with a physical establishment inside City of Faribault city limits
Have at least one W-2 eligible employee in addition to the owner as of March 1, 2020
Have been operating for at least 6 months prior to March 1, 2020
Licensed and in good standing with the Minnesota Secretary of State and Minnesota Department of Revenue
Current on property taxes prior to July 15, 2020, if applicable
Demonstrate a significant loss in revenue since March 15, 2020 and can document costs of business interruption and/or financial hardship as a result of COVID-19

Eligible expenses include the following non-payroll expenses:

Rent Payments
Mortgage Payments
Utilities
Payments to Suppliers
Costs associated with reopening and/or
Other critical non-payroll business expenses as approved by the Community and Economic Development Team and which are consistent with the intent of the Program

Maximum Grant Award: $10,000 for businesses with 6-50 employees

Maximum Grant Award: $5,000 for businesses with 1-5 employees

Please read the Program Guidelines to verify your business’ eligibility. A Frequent Asked Questions (FAQ) summary is also available to answer any immediate questions you may have. Any additional questions can be direct to the Community and Economic Development Team at 507.333.0388.

Original source can be found here.