​More Grant Options Soon Available for S.D. Small Businesses and Nonprofits

​More Grant Options Soon Available for S.D. Small Businesses and Nonprofits

10/12/2020 Tags: Announcements, In the News, COVID-19, CARES Act

The following was initially prepared before the State of South Dakota issued grant details and eligibility requirements for their Coronavirus Relief Grants. It has been updated on Oct. 12, 2020, to reflect the new guidance. Any subsequently issued guidance or further legislative activity may not be reflected. Please check with your Casey Peterson professional for the latest information.

Small businesses, nonprofits, and healthcare providers in South Dakota may get a financial boost through some upcoming grants.

The state of South Dakota will provide over $400 million in grants through federal coronavirus relief funds. The money is aimed at qualifying businesses and organizations based in the state that saw a loss of revenue because of the pandemic.

For more specific information on requirements for healthcare providers, visit our blog here.

Eligible businesses and nonprofits must:

  • Be located in South Dakota;
  • Have 2019 gross revenues that do not exceed $38.5 million;
  • Have experienced a reduction in year-over-year cash flow from operations (considering federal aid) of at least 25% between March and August of 2019 and 2020.

To prepare for your applications, make sure to gather your:

  • Basic entity information;
  • Certificate of Good Standing from Secretary of State;
  • Income, cash expenses, term debt principal payments, and records of other federal COVID grant funding received;
  • Self certifications, making sure to:
    • Submit accurate financial information;
    • Include details about how business is a going concern;
    • Provide details about federal awards received;
    • Note that any reduction in business is related to COVID; and
    • Include your mailing address or direct deposit banking information.

Applications will be accepted between Oct. 13-23, 2020. Once the grants are available, the state plans to award as much as $100,000 for each qualifying business and nonprofit that applies. You can see the full details here.

We recommend that organizations and facilities that believe they're eligible apply quickly. The state will review applications after determining they're complete. After the state receives all applications for the program, they'll calculate the final award amounts on a proportional share of the available funds.

Businesses that are still in the startup phase, those established between Sept. 1, 2019, and June 1, 2020, have slightly different requirements. You can see those here.

If you have questions about loans, grants, or other financial assistance for your small business or nonprofit, please reach out.

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

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