State relief money is available for South Dakota businesses, non-profits, startups and health-care/acute care providers affected by the pandemic— but time is fleeting to apply.
This week, Yankton Area Progressive Growth (YAPG) CEO Nancy Wenande spoke with the Press & Dakotan about the Coronavirus Relief Fund (CRF) grants and their availability.
“The program has a really short application window — it’s Oct. 13-23 — so it really does force people to not procrastinate and to work with their bookkeeper or accountant to fill out the application to see if they are eligible for some of the grant money available,” she said.
Wenande said $400 million is available in the Small Business Interruption Grant.
“That can be up to $100,000 per business,” she said. “They’re looking for you to have a decrease in revenue of at least 25% because of COVID. But as you do those calculations, even if you’re not sure if you qualify, still submit your application and the auditors will make that final decision.”
Wenande said that $10 million is available for startups.
“I was very pleased that (District 18 Rep.) Jean Hunhoff led a lot of the conversation in Pierre about providing dollars to startups,” she said. “There are a lot of businesses that were just either in the planning stages of starting or had maybe just opened prior to COVID and were not eligible for the PPP funds that a lot of other businesses were able to access.”
For a startup to qualify, the entity must have been registered with the Secretary of State or Department of Revenue between Sept. 1, 2019, and June 1, 2020.
Additionally, $40 million is available for non-profits.
“Anybody who serves on boards or who is involved with the non-profits in the community — they have really been hit hard through COVID,” Wenande said. “It’s difficult to host their fundraising events, difficult to have funds for operation, difficult all around to find the donors and sponsors for their events,” Wenande said. “Having $40 million available to the non-profits should be incredibly helpful to those businesses here and around South Dakota.”
She reiterated that businesses are highly recommended to work with their accountants or bookkeepers when applying for grants.
For more information on the CRF grants and to apply, visit covidsd.gov.
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