Key Changes:
Old Rule:
Businesses must demonstrate a revenue loss of 7.5% or more from 2019 to 2020 based on their 2019 tax returns.
New Rule:
Businesses must demonstrate a revenue loss of any amount, regardless of size, from 2019 to 2020 based on their 2019 tax returns.
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Old Rule:
Small businesses receiving over $1 million in Federal PPP Loans are not eligible to apply.
New Rule:
Small businesses receiving over $1 million in Federal PPP Loans are now eligible to apply.
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Additionally, approved applications in disproportionately impacted industries will received a 15% bonus allocation to be used on valid business expenses from the date of the business’s acceptance of its grant award through the end of 2020. This applies to new applicants, as well as those awarded grants in Rounds 1 and 2. The 15% can be used for additional expenses outside of the initial scope of the grant, such as working capital needs.
If you believe that your business could benefit from this grant or find that you may now be eligible, please reach out to us so that we can assist you with any questions and/or with the application process.
Read the full press release from the Delaware Division of Small Business here.
We will continue to monitor news releases from the Division of Small Business regarding this program and others. As more information is released, we will share that with you. We are here to help!
