City of Faribault issued the following announcement on Sept. 4.
The City of Faribault understands that the COVID-19 pandemic has had an immediate and detrimental impact on our small local businesses and entrepreneurs. In an effort to provide temporary relief, the City of Faribault has created the Small Business Relief Fund, followed now by Round 2 (SBRF-2). The SBRF-2 is funded through CARES Act dollars, and is intended to provide one-time financial support to the city’s smallest businesses and entrepreneurs experiencing financial hardship as a result of the COVID-19 pandemic, and help these businesses and entrepreneurs survive the current economic crisis.
Please read the Program Guidelines for the Small Business Relief Fund Round 2 and Non-Profit Program to verify your organizations eligibility. Any additional questions can be directed to the Community and Economic Development Team at 507.333.0388.
To begin with the application process, click here.
Small Business Relief Fund - Round 2
Eligible Businesses (Sole Proprietors / Self Employed Entrepreneurs)
Eligible businesses must meet the following criteria as of March 1, 2020:
- Be a locally owned and operated for-profit business located in Faribault with no additional employees
- Have been operating for at least 6 months prior to March 1, 2020
- Be licensed and in good standing with the Minnesota Secretary of State and the Minnesota Department of Revenue
- Be 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/financial hardship as a result of COVID-19
Eligible businesses in a home-based setting, must not only meet the above criteria - but also:
- Be able to document that the home-based business is a primary source of income
- Funding may only be used for direct business expenses such as payment to suppliers, and may not be used towards living expenses
Eligible expenses include the following non-payroll expenses:
- Rent Payments
- Mortgage Payments
- Utilities
- Payments to Suppliers
- Other critical non-payroll business expenses as approved by CED and which are consistent with the intent of the Program (Example: items allowing businesses to adjust to interruptions to allow continued operations, such as upgrades to online sales platforms)
Maximum grant award: $2,500 Sole-proprietors, self-employed entrepreneurs, and home-based
Non-Profit Grant
Eligible Non-Profit Organization
Eligible Non-Profit Organizations must meet the following criteria as of March 1, 2020:
- Registered non-profit organizations that have a physical location in Faribault and serve the residents of Faribault. Non-profits may have a large service area, but the resources awarded in this Program are interned for services in Faribault
- Ability to demonstrate a loss of income or increase in demand for services due to COVID-19
- Have 50 or fewer employees
- Be licensed and in good standing with the Minnesota Secretary of State
- Have been registered and operating since at least March 1, 2019 (one-year prior to Pandemic)
Eligible expenses include the following non-payroll expenses:
- Rent Payments
- Mortgage Payments
- Utilities
- Payment to Suppliers
- Other critical non-payroll business expenses as approved by CED and which are consistent with the intent of the Program (Example: items allowing businesses to adjust to interruptions to allow continued operations, such as upgrades to online presence, and/or sales platforms)
Original source can be found here.
Source: City of Faribault
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