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• Do not have a physical address within the City of St. Louis Park <br />• Derive income from passive investments without operational ties to operating <br />businesses. <br />• Primarily generate income from gambling activities. <br />• Generate any part of its income from adult -oriented or tobacco/vaping-related <br />activities. <br />• Have no current or historical financial statements. <br />• Previously received emergency funds from the city. <br />PROGRAM GUIDELINES <br />The Small Business Emergency Assistance Program has the following terms and conditions: <br />1. Amount: Businesses may apply for a one-time emergency grant of up to $5,000. The <br />EDA shall determine the final award amounts based upon scoring criteria. <br />2. Term: All grant awards must be utilized within two months of a grant contract being <br />fully executed. <br />3. Uses: Awarded funds may be used exclusively for current payroll obligations (i.e. <br />may not include employees who have been laid off), lease or mortgage payments, <br />utilities, accounts payable, property taxes and other critical business expenses that <br />can't be paid as a direct result of the current health emergency. Awarded funds <br />may not be used for businessowner's/manager's personal uses or expenses. <br />4. Proof of Need: All applicants must demonstrate financial need for grant funds prior <br />to approval. This includes but is not limited to the previous year's annual gross <br />revenue, average monthly gross revenue prior to COVID-19, and projected monthly <br />gross revenue for the next three months. Additionally, applicants are encouraged, <br />but not required to provide evidence of application submittal, acceptance, approval <br />and/or denial of State and federal emergency financing programs. This could simply <br />include an email response from these agencies. <br />5. Disbursement of Funds: Funds shall be distributed within one to two weeks after <br />fully executed grant agreement has been received depending on how grant <br />recipients elect to receive funds. <br />6. Termination: The EDA retains the right to terminate any agreement under the <br />Emergency Assistance Program if a grant recipient is found to be in violation of any <br />conditions set forth in the grant guidelines or grant agreement. <br />7. Right to Deny: The EDA retains the right to deny any application for grant funding. <br />8. Grant Agreement: Upon a successful grant application being awarded funds, the <br />grant recipient shall enter into a Grant Agreement with the EDA. Funds will not be <br />3 <br />