The State of South Dakota has made additional grant money available to small businesses through the Coronavirus Relief Fund. Though First Bank & Trust can't walk beside you through this process as we did with PPP, we want to be your resource for the information. Our goal is to ensure your business continues to weather this storm, and these funds could be invaluable toward that goal.
See the FAQs below for eligibility details for the additional grant money. If you believe your business may qualify, you will apply directly through the State of South Dakota at https://covid.sd.gov/smallbusiness-healthcare-grants.aspx.
Round 2 applications will be accepted December 14 - 20, 2020.
Please note, the information from the state is changing frequently and we will do our best to keep the FAQ page current with the most up-to-date information.
What are the qualifications for this additional funding?
- Be located in South Dakota
- Have had a reduction in business of at least 15%
- Not have gross revenues exceeding $38.5 million
- Certify to a going-concern statement
What amount of funding is available for my business?
- Grants up to $500,000 per qualifying business are available.
- Grant amounts calculated at less than $500 may not be awarded.
How is the cash flow for operations model calculated?
- "2019 cash flow from operations" is 2019 income (March through August)
less 2019 cash expenses (March through August, excluding depreciation,
amortization, and noncash expenses) less term debt principal payments
(March through August). - "2020 cash flow from operations" is 2020 income (March through August)
less 2020 cash expenses (March through August, excluding depreciation,
amortization, and noncash expenses) less term debt principal payments
(March through August). - "Federal aid" is any Paycheck Protection Program (PPP) funds or other
federal COVID grant funding received by the business in 2020. - "Reduction in business" is 2020 cash flow from operations less 2019 cash
flow from operations plus federal aid.
How will grant awards be decided?
Once all applications are received, grant awards shall be based on a pro-rata share
of available funds.
of available funds.
If I am awarded funding, when will I receive the grant dollars?
Under current federal law, all funds must be expended by December 30, 2020.
Can non-profits quality for the relief funds?
Yes, the qualifications listed above are the same for non-profits.
I have a small business start-up. What are the qualifications for eligibility for start-ups?
- Be located in South Dakota.
- Have registered with the secretary of state or the Department of Revenue
between September 1, 2019, and June 1, 2020. - Be open and operating on date of application.
- Demonstrate average monthly income during the period between March 1,
2020, and August 31, 2020, was less than 120% of average monthly
income prior to March 1, 2020; or that the business operated at a net loss
(cash basis) in at least three of the six months between March 1, 2020, and
August 31, 2020. - Provide a certification that the business is a going concern.
What if I applied for Round 1 funding for my business?
Round 1 applicants must apply for Round 2 using the same user account
used for their Round 1 applications. Approved Round 1 applicants only need to
provide financial data and self-certifications.
used for their Round 1 applications. Approved Round 1 applicants only need to
provide financial data and self-certifications.