by Megan Roberts, Extension educator
Minnesota Small Business Relief Grant applications are open from June 23 to July 2, 2020. MN Department of Employment and Economic Development (DEED) runs the $63.5 million program. Farmers (that operate for-profit) do qualify to apply for the $10,000 grants for small businesses that faced hardship due to COVID-19. On June 23, the Minnesota Department of Agriculture's Commissioners Office confirmed that farmers that operate their farm as a for-profit business and meet the other eligibility thresholds qualify; hobby and retirement farms do not qualify. A randomized, computer-generated lottery process will be used to select eligible businesses that will receive the $10,000 grant awards. Fifty percent of the funding will go to rural small businesses. Further allocations of the funding "include:
$18 million for businesses with six or fewer full-time employees
$10 million for minority business enterprises
$2.5 million for veteran-owned businesses
$2.5 million for women-owned businesses
$2.5 million for operators of indoor retail and food markets with an ethnic cultural emphasis."
Businesses that apply will need to answer a series of yes/no questions, enter basic business information, and be able to provide information on gross revenue during spring of 2019 and gross revenue during spring of 2020.
Caution: This blog is offered as educational information. It does not constitute legal or financial advice.
Minnesota Small Business Relief Grant applications are open from June 23 to July 2, 2020. MN Department of Employment and Economic Development (DEED) runs the $63.5 million program. Farmers (that operate for-profit) do qualify to apply for the $10,000 grants for small businesses that faced hardship due to COVID-19. On June 23, the Minnesota Department of Agriculture's Commissioners Office confirmed that farmers that operate their farm as a for-profit business and meet the other eligibility thresholds qualify; hobby and retirement farms do not qualify. A randomized, computer-generated lottery process will be used to select eligible businesses that will receive the $10,000 grant awards. Fifty percent of the funding will go to rural small businesses. Further allocations of the funding "include:$18 million for businesses with six or fewer full-time employees
$10 million for minority business enterprises
$2.5 million for veteran-owned businesses
$2.5 million for women-owned businesses
$2.5 million for operators of indoor retail and food markets with an ethnic cultural emphasis."
Businesses that apply will need to answer a series of yes/no questions, enter basic business information, and be able to provide information on gross revenue during spring of 2019 and gross revenue during spring of 2020.
Caution: This blog is offered as educational information. It does not constitute legal or financial advice.