The grant program will be funded with at least $100 million to be distributed to organizations with the majority of their operations in Delaware. Grant amounts will be based on 2019 revenue, up to a maximum of $100,000, but may be converted to an interest-bearing loan if appropriate documentation is not submitted or the organization did not experience at least a 7.5% decline in revenue in 2020. While a variety of Delaware small businesses will be eligible, additional consideration will be given to businesses in disproportionately impacted industries, as determined by the program, such as food services, personal care services, child care services, and retail among others.
Funds from the grant should be used:
• To purchase equipment related to COVID-19 safety procedures (PPE, physical barriers, air purifiers, etc.)
• To refinance debt incurred due to COVID-19 (including Delaware HELP loans)
• To implement technological enhancements undertaken in order to adapt a business model for COVID-19
• To cover advertising costs undertaken as a result of COVID-19
• To cover fixed expenses that were accrued during COVID-19
There will be three rounds of funding. The application period for the first round of grants opens in early September. Applications will open for other rounds in early October and early November.
For more information about this program, please visit https://business.delaware.gov/relief/.
Santora CPA Group will continue to monitor news releases from the Division of Small Business regarding this program and others. We are set to attend informational sessions from the State, and as more information is released, we will share that with you. If you have any questions regarding the grant program or any of the other economic stimulus programs, please contact your account administrator. We are here to help!