Agenda - Economic Development Authority - 07/16/2020

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DEED's Original Program Criteria for CARES Act Funding For Reference Only This program had criteria that targeted funds to specific areas of the state (Metro/Greater Minnesota) and to other targeted groups of people. Below is a condensed summary of the state program. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. These arrants and no repayment will be required. More information can be A located https://mn.gov/deed/business/financing-business/deed-programs/relief%. It should be noted that non-profit entities are not eligible for the state grant program and grant awards are determined by lottery. To qualify, an applicant must: • Be a private for -profit business that has a permanent phMinnesota. • Be majority owned by a permanent resident of Minnesot • Be in good standing with the Minnesota Secretary State he 1innesota Department of Revenue as of March 1, 2020. • Employ the equivalent of 50 or fewer full-ti • Be able to demonstrate financial hardship s a res of the COVID-19 outbreak. NOTE: 444statt) r • Home -based businesses - exc fo icensed child care providers - are not eligible. • Businesses that received f ingundhe Small Business Emergency Loan Program (SBEL) are not eligible for th ' pRkr owever, businesses that received funding through the various Sy Business A inistration emergency loan programs are still eligible for this pro_ • See the FAQ tab noetan eligibility. In making awards, there are min i im set asides for various targeted groups and categories of businesses. • 50% of funds wile available for businesses based in Greater Minnesota. • 50% of funds wi _ be available for businesses based in the 7-county metro area (Anoka, Carver, Dak .ta, Hennepin, Ramsey, Scott, and Washington counties). A m. imuamount of funds must be awarded as follows: O 18 million for businesses with six or fewer full-time workers. $10 million for minority business enterprises. o $2.5 million for businesses that are majority owned and operated by veterans. o $2.5 million for businesses that are majority owned and operated by women. o $2.5 million for operators of indoor retail and food markets with an ethnic cultural emphasis.