The State of Idaho outlined how its Idaho Rebound grant program for businesses will work. BoiseDev first broke word of the program last week.
The program will dole out $300 million in cash from the federal Coronavirus Relief Fund given to the state.
“(The program will) alleviate some of the impact of this pandemic, and obviously kick-starting some of the small businesses that have been affected is a good idea,” Idaho Gov. Brad Little told us last week.
The grants are available to a business that didn’t get an SBA loan via the Paycheck Protection Program unless they got a grant less than $10,000.
A number of business types are eligible, including sole proprietorships, partnerships, C-corps, S-corps, LLCS, nonprofits, and tribal businesses.
To qualify, the guidelines say a business must have “suffered a qualified business interruption.” The state says a business must show reduced sales, suspended operations, increased costs or disrupted supply.
The guidelines say businesses can use the cash for personal protective equipment, inventory, equipment, rent or utilities.
One group of businesses left out? Solo entrepreneurs. To qualify, a business must have between one and 50 employees – and the owner can’t count as an employee. The state instead points solo entrepreneurs to its unemployment program. It also excludes business with 51 or more employees.
Businesses can apply online – the state will accept applications in two waves. Entities with one to 19 employees can start appluing on May 11th. Businesses up to 50 employees can start the applicaiton process on May 18th – so long as funds remain available.
The state will make a list of all the businesses that receive a grant available online. The information will include names, industry category, and amount awarded.