State officials on Monday released additional details about the cash grants Idaho is offering to small businesses, including a list of criteria for businesses that hope to receive funding.
Gov. Brad Little announced last week that the state would make available $300 million in cash grants for businesses that have been impacted by COVID-19, with businesses able to receive up to $10,000 each. Businesses with 50 employees or fewer may qualify.
On Monday, Little’s office provided more details about the application timeline and eligibility criteria for the Rebound Idaho Small Business Grant.
A business may apply for a grant only if it has received no loans, or less than $10,000 worth of loans, through the U.S. Small Business Administration’s Paycheck Protection Program or in an Economic Injury Loan Emergency Advance. Any eligible company headquartered in Idaho can apply, including LLCs, nonprofits, sole proprietorships and tribal businesses.
To receive a grant, the business must have been impacted by COVID-19 closures in some way. Impacts could include reduced sales, suspended operations, increased costs due to COVID-19 prevention measures or disruptions to the business’s supply network that have resulted in a shortage of inventory or materials.
The grant money may be used to cover the costs of things like personal protective equipment, inventory, rent and utilities.
Businesses with one to 19 employees will be able to submit an application starting at noon on May 11. The application window for those businesses will close at noon on May 15. Businesses with up to 50 employees can apply between noon on May 18 and noon on May 22.
If the number of eligible applicants in either wave of applications exceeds the available funds, a lottery will be used to decide who receives a grant. Additional application windows may be announced if any funding is left over.
Before applying for a grant, a business must set up a Taxpayer Access Point account on the Idaho State Tax Commission website. The state is encouraging business owners to set up a TAP account as soon as possible.
Business owners whose grant applications are approved can expect to see the money directly deposited into their bank account about a week after approval.
Grant applications can be submitted at rebound.idaho.gov.