Millions in COVID-19 grants open to Mississippi business owners. Here’s how to apply.
There is still plenty of money left to provide grants for Mississippi businesses hurt by the coronavirus, but limited time to apply for it, said Jamie Miller, executive director of Mississippi Development Authority.
The state received $1.25 billion from the federal CARES Act fund, and $240 million was set aside to help small businesses through Back-to-Business grants.
“Currently there is substantial money left in the fund based on the applications we have seen,” Miller said during the August virtual meeting of the Gulf Coast Business Council.
The program got off to a slow start, he said.
Most of the initial applicants requested the base amount of $1,500. The state Legislature upped that amount to $3,500, Miller said, and MDA saw “a pretty swift increase” in amount of grants.
When is the deadline to apply for a MS Back-to-Business grant?
The deadline to submit an application for a Back-to-Business grant is midnight Sept. 15. At that point, the computer will lock, Miller said during the August virtual meeting of the Gulf Coast Business Council.
How much can businesses get?
The maximum amount each business may receive is $25,000.
These are the three types of grants available:
- A base payment of $3,500
- The base payment plus $500 per full-time employee employed as of March 1
- The base payment plus payment to cover itemized eligible expenses
Who qualifies?
Topping the list of 11 requirements to qualify for a grant, businesses must have:
- 50 or fewer full-time employees as of March 1
- Suffered an interruption of business
- At least one person with a controlling interest must be a Mississippi resident
- Filed Mississippi taxes for 2018 or 2019, or intends to file if the company formed this year
Can I apply if I’ve received other assistance?
Yes, businesses that received money through the Paycheck Protection Program or an SBA Economic Injury Disaster Loan can apply for a state grant.
What if I’m a minority or female business owner?
At least $40 million is reserved for awards to Minority Business Enterprises, which MDA says includes women and racial minorities.
How do I apply?
Applications must be submitted through the website, https://backtobusiness.mississippi.org.
Those who need help completing the application or technical help with their web browser can call the helpline at 800-462-9980.
How will I get the money?
MDA is working to get acceptance notifications out to businesses, Miller said, and those who qualify will receive a check in the mail.
“Remember, 90 days ago this program did not exist on paper or otherwise,” Miller said. The state needs to spend nearly a quarter of a billion dollars in 120 days, Miller said, knowing the state auditor and federal examiners will come behind and make sure MDA executed the program the right way.
This story was originally published September 4, 2020 at 1:02 PM.
