The City of Coon Rapids has added information to its Business Resources page regarding grants and assistance for small businesses affected by the impacts of COVID-19. Two new additions/updates to these resources are detailed below.
LISC Grant for Small Businesses
Applications are now open for the Small Business Relief Grants, which are part of LISC’s Rapid Relief & Recovery Fund programs. These programs help businesses deal with immediate financial impact due to the pandemic. Applications must be completed by Tuesday, April 28th, at 11:59 p.m ET (10:59 p.m. CT). Grants will be made to qualified businesses and based on accurate and complete submission and verification of required documentation. Please visit the website to apply.
SBA Paycheck Protection Program*
The Paycheck Protection Program helps employers with less than 500 employees retain employees at their current base pay. Proceeds can be used for payroll expenses from February 15 to June 30, 2020. If employers keep all employees, the entirety of the loan will be forgiven. If an employer keeps a portion of employees, the loan forgiveness will be reduced by the percent decrease in the number of employees. The amount any small business is eligible to borrow is 250% of their average monthly payroll expenses, up to a total of $10 million.
*Please note: "The first round of funding for PPP ran out of funding as of April 16, 2020. A second round of funding opened up on April 27, 2020 for applications or approval of pending applications from the first round of PPP."