The U.S. Treasury guidance has allowed the State of Idaho to use Coronavirus Relief Fund (CRF) dollars for expenditures “related to the provision of grants to small businesses to reimburse the costs of business interruption caused by required closure.” Below is a brief summary. For a full summary, please visit: https://rebound.idaho.gov/idaho-rebound-cash-grants-for-small-businesses/
OVERVIEW OF THIS LOAN
- Total Program: $300 million (24% of total CRF award)
- Individual Business Grant: up to $10,000
- More than 30,000 Idaho small businesses supported
- Subject to qualification
- Targeted to those small businesses that did not receive the Paycheck Protection Program or received less than $10,000 through this program
- All individual grants will be reported on Transparent.Idaho.Gov
WHO IS ELIGIBLE TO APPLY?
Any eligible Idaho-domiciled company with an Employer Identification Number (EIN) can apply for a Rebound Idaho Small Business Grant, including:
- Sole proprietorships
- 501(c)(3) nonprofits
- 501(c)(6) organizations
- 501(c)(19) veterans organizations
- Tribal businesses (sec. 31(b)(2)(c) of Small Business Act)
Eligible entities with an EIN also must meet the following criteria:
- Have an active Idaho State Tax Commission withholding account established prior to January 1, 2020;
- Your withholding account is not for the purpose of paying household employees or as a home healthcare recipient;
- Had between one and 50 employees as of February 15, 2020;
- Have suffered a qualified business interruption;
- Did not receive an SBA-backed Paycheck Protection Program (PPP) loan or an Economic Injury Disaster Loan Emergency Advance, or received less than $10,000 in such funds;
- Did not receive and have not been awarded reimbursement under any other federal program for the expenses that will be reimbursed by this grant;
- Did not receive compensation from an insurance company for the covered business interruption due to COVID-19 or received less than $10,000 in insurance compensation;
- Your business is not a subsidiary of a business with more than 50 employees, is not part of a larger business enterprise with more than 50 employees and is not owned by a business with more than 50 employees.
WHAT IS A QUALIFIED BUSINESS INTERRUPTION?
The business or nonprofit must have suffered business interruption due to COVID-19 required closures, which may include but is not limited to:
- Reduced sales or suspended operations
- Increased costs related to COVID-19 prevention measures
- Disrupted supply network leading to shortage of critical inventory or materials
WHAT ARE ELIGIBLE USES OF THE GRANT?
The Rebound Idaho Small Business Grants may be used to reimburse the costs of business interruption caused by required closures which may include:
- Personal Protective Equipment (PPE)
Funds must be expended in compliance with state and federal law.
HOW DO I APPLY?
The Idaho State Tax Commission will handle applications. All applicants must first establish a secure Taxpayer Access Point (TAP) account to protect their personal and business information on submitted applications. Small businesses are encouraged to start this process as soon as possible – well in advance of the application waves opening.
HOW WILL AWARDS BE SELECTED?
Grants will be awarded until the total program funding is expended. The following is a description of how awards will be selected.
The first wave of applicants will open at noon MT on May 11th and close at noon MT on May 15th
- If the available funds exceed the number of eligible first-wave applicants, all qualified applicants will be awarded funding.
- If the number of eligible first-wave applicants exceeds the available funds, a lottery system will be used to determine awards.
Subject to available funding, the second wave of applicants will open at noon MT on May 18th and close at noon MT on May 22nd
- If the remaining funds exceed the number of eligible second-wave applicants, all qualified applicants will be awarded funding.
- If the number of eligible second-wave applicants exceeds the remaining funds, a lottery system will be used to determine awards.
Additional waves of applications may be announced if any funding remains. In such cases, the Coronavirus Financial Advisory Committee (CFAC) may modify the eligibility criteria for grants.
For more details and FAQs, please visit: https://rebound.idaho.gov/idaho-rebound-cash-grants-for-small-businesses/
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