Small Business Grants Available

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MO DED – The Missouri Department of Economic Development has announced the appropriation of $10 million by the Missouri General Assembly to assist small businesses that were negatively impacted by the COVID-19 pandemic. $2 million of those funds will be designated toward small businesses owned by minority/and or women.

The minimum amount of grant awarded per qualifying small business will be $2,500 and the maximum amount will be $25,000 based on the amount of decreased gross revenue/receipts reflected between the 2019 tax year and the 2021 tax year.

The program is being funded through the U.S. Department of the Treasury Coronavirus State and Local Fiscal Recovery Funds authorized by the American Rescue Plan Act (ARPA).

The final guidelines were posted on November 2nd and the application process begins at 10 a.m. on Wednesday, November 16th with the announcement of awards as application reviews are completed.

Small Businesses ELIGIBLE for the Small Business Grant Program are:

1. Applicant is organized as a for-profit entity

2. Applicant must be Missouri-based (located and operated in the state of Missouri)

3. Applicant must, at the time of the application, employ 50 or fewer full-time employees which includes the owner. Full-time employee is defined as an individual who is scheduled to work 35 or more hours per week.

4. Applicant must have been in operation in Missouri since BEFORE January 1, 2020 and currently operating. THEREFORE, QUALIFIED APPLICANTS WOULD HAVE TO HAVE BEEN IN BUSINESS DURING 2019 AND FILED A TAX RETURN.

5. Applicant must self-certify that, barring unforeseen circumstances, it plans to remain in business through the calendar year 2023.

6. If applicant is a type of entity required to register with the Missouri Secretary of State (SOS) to conduct business in Missouri, applicant must be registered and in good standing with the SOS.

7. Applicant must be enrolled in E-Verify and provide a copy of its signed Memorandum of Understanding with the U.S. Department of Homeland Security as required by 285.530 RSMo, unless applicant is a sole proprietor with no employees.

8. Applicant has a Missouri Tax ID Number (EIN)

9. Applicant has a Federal Employer Identification Number (FEIN)

10. Applicant has submitted a Vendor Input Form and received a SAMII Vendor ID Number

Small Businesses that are INELIGIBLE for the SB Grant Program include:

1. Businesses NOT meeting the above listed requirements.

2. Chains or franchises with five or more location

3. Individuals (other than sole proprietors)

4. Nonprofit organizations

5. Governmental entities

6. Casinos, casino hotels, and other gambling establishments

7. Medical marijuana businesses

8. Publicly traded companies

9. Applicants that are debarred or suspended from receiving federal funds

10. Applicants that have permanently closed without plans to reopen

11. Applicants currently in a bankruptcy proceeding

12. Applicants with less than $2,500 in decreased gross revenues/receipts as calculated by treasury regulations and other federal guidance requiring that a small business was negatively economically impacted due to the COVID-19 pandemic in order to receive assistance.

Eligible applicants qualified to receive SB Grant Program funding must submit proof of declining revenues or gross receipts to be demonstrated by the applicant’s submission of tax filing information that shows a decrease in gross revenue/receipts in 2021 as compared to gross revenue/receipts in 2019.

REQUIRED DOCUMENTATION FOR SUBMITTING AN APPLICATION:

Applicants must submit a copy of their 2019 tax filing and their 2021 tax filing with the following being acceptable documents:

a. Form 1120

b. Form 1120S

c. Schedule C filed with Form 1040

d. Schedule F filed with Form 1040

e. Form 1065

Applicants must also provide a narrative statement of 300 words or less explaining how the applicant’s decrease in revenue or receipts was related to the COVID-19 Pandemic.

Applications will be available beginning at 10 a.m. on Wednesday, November 16th by using the MO DED ARPA Application Portal at https:// modedfederalinitiatives.