If your business was not able to submit your application or was not approved in the first round, there are two additional rounds of funding over the next two months. Delaware has announced that the next round will open for applications no later than October 1, 2020 with an additional $30 million available. Due to the high demand for these grants, it is important to continue with preparing your application in order to be ready.
Reminder: This program will distribute a minimum of $100 million (in three rounds) to Delaware-based businesses via grants ranging from $15,000 to $100,000. Generally, all Delaware small businesses qualify for the grant if they realize a 7.5% decrease in revenue from the prior year. These funds can be used to cover expenses from April 1, 2020 through December 31, 2020 that are related to COVID-19, such as PPE, masks, hand sanitizer, refinancing debt, technological enhancements, certain advertising costs, and certain fixed expenses (such as rent or utilities). These are unexpected expenses that many Delaware small businesses have incurred due to COVID-19, which may be reimbursed by the grant. This program may be especially beneficial for those in the following industries: retail, private instruction, dentistry, child care, arts, entertainment and recreation, food/beverage services, and personal care services.
If you believe that your business could benefit from this grant and meets the required 7.5% revenue decline, please reach out to your contact at Santora CPA Group so that we can assist you with any questions or with the application process. In addition, please check out the Delaware website at https://business.delaware.gov/relief/ to learn more.