City of Faribault issued the following announcement on Aug. 14.
In an effort to provide temporary relief due to the COVID-19 pandemic, and due to continued interested, the City of Faribault has extended its the Small Business Relief Fund (SBRF) program. 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. Friday, Aug. 14, through Friday, Aug. 28 at 11:59 p.m. Applications will be considered on a first-come first-serve basis.
During the initial application period, nearly 70 applications were received, of which 60 met the eligibility criteria reaching a total funding request of $420,000. Due to continued interested after the initial period closed, the Faribault City Council approved reopening the fund to allocate the remaining $80,000 earmarked for qualified businesses. 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
- 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: $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.
Source: City of Faribault
Alerts Sign-up