Bethany-Fenwick Area Chamber of Commerce issued the following announcement on Aug. 19
The Division of Small Business will host Zoom sessions for businesses and nonprofits (one session for each county) this upcoming Wednesday afternoon.
New Castle County, 12:30 – 1:30 PM: https://us02web.zoom.us/j/82298449612
Kent County, 2:00 – 3:00 PM: https://us02web.zoom.us/j/85384272977
Sussex County, 3:30 – 4:30 PM: https://us02web.zoom.us/j/85471618535
(500 attendees max at each session)
DE Relief Grants – Frequently Asked Questions
Q. What are DE Relief Grants?
A. The grants are a joint effort between the State and New Castle County to assist Delaware small businesses and nonprofits impacted by the COVID-19 pandemic. The funds for the program come from the federal CARES Act.
Q. Which businesses and nonprofits are eligible for a grant?**
A. If you’re a business, you must meet the U.S. Small Business Administration’s definition of a small business for your industry. Certain nonprofits may also qualify.
At least 51 percent of operations must be physically located in the state of Delaware. Businesses whose sole connection to Delaware is that they are incorporated here are not eligible.
And at least for the first round of grants, businesses and nonprofits are not eligible if they received PPP funding from the U.S. Small Business Administration of $1 million or more. Businesses that have received previous grants or loans from the State (EDGE, HELP, DTIP, etc.) are eligible to apply for DE Relief Grants.
**Businesses in certain industries deemed to have been disproportionately impacted by COVID-19 may qualify for special considerations. Please visit delbiz.com/relief for more information.
Q. What are the requirements for businesses once the grant is approved and received?
A. All grants issued to for-profit businesses must be closed out in 2021. In order to close out the grant, a business must submit proof of all relevant expenditures along with federal tax returns for the calendar year 2020 that show at least a 7.5% revenue decrease relative to 2019. If a decrease in this amount is not shown, the grant must be paid back to the state with interest applied.
Q. How large is the grant?
A. A business’s grant amount is based upon 2019 gross revenue. The maximum grant is $100,000.
- • $0 – $500,000 in gross revenue: Up to $30,000 (6% of 2019 revenue).
- • $500,000 – $1 million: Up to $50,000 ($30,000 + 4% of 2019 revenue above $500,000).
- • $1 million – $2.5 million: Up to $72,500 ($50,000 + 1.5% of 2019 revenue above $1 million).
- • $2.5+ million: Up to $100,000 ($72,500 + 1% of 2019 revenue above $2.5 million).
www.DelBiz.com @delbiz @DelawareSmallBusiness
Q. How can the grant be used?
A. The grant can be used for the following expenses so long as they are incurred between 4/1/20 and 12/31/20 (the expense can already have been made prior to applying for the grant):
- • Equipment purchased to make business suitable for COVID-19 safety (PPE, plexiglass, etc).
- • Refinancing of debt incurred due to COVID-19 (including state of Delaware HELP loans).
- • Technological enhancements undertaken in order to adapt the business model for COVID-19.
- • Advertising efforts undertaken as a result of COVID-19.
- • Fixed expenses the applicant accrued during COVID-19.
A. There will be three rounds of funding. The application period for the first round of grants opens in early September. Applications will open for other rounds in early October and early November.
Q. How can I apply?
A. Apply online. The online application system will be available at delbiz.com/relief.
Q. What can I do right now before the application is open?
A. Follow the Division of Small Business on social media – Facebook (@delawaresmallbusiness) and Twitter (@delbiz) for updates on timing for the application period to start.
Gather the following documents, which you will need to submit as part of your grant application:
- • 2019 tax return.
- • Receipts for qualifying expenses.
- • Delaware Business License.
A. The Division of Small Business’s team of Regional Business Managers is available to help companies prepare their applications. Small businesses can connect with the manager for their part of the state at delbiz.com/contact.
For more information on DE Relief Grants, visit delbiz.com/relief.
DE Relief Grant Webinar for the Delaware tourism industry:
Please join Damian DeStefano, Director of the Delaware Division of Small Business, as he provides an overview of the DE Relief grant program for the Delaware tourism industry.
Thursday, August 27, 2020
2:00 p.m. – 3:00 p.m.
Register in advance for this webinar at https://us02web.zoom.us/webinar/register/WN_iD5C7uXcQmeAQStSg_JuMw.
Original source can be found here.
Source: Bethany-Fenwick Area Chamber of Commerce
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