State Of South Dakota Coronavirus Relief Funds

3y ago
64 Views
2 Downloads
629.07 KB
25 Pages
Last View : 1d ago
Last Download : 4m ago
Upload by : Baylee Stein
Transcription

State of South DakotaCoronavirus Relief FundsAn Overview of Small BusinessGrant ProgramsOctober 13, 2020

AgendaIntroduction & Overview of ProgramsApplication and Award ProcessProgram Eligibility & Award CalculationsAdditional Information and Resources

Introduction &Overview ofPrograms

Introduction & Overview of ProgramsThe State of South Dakota received 1,250,000,000 in federal funds to be used for costs incurred dueto the public health emergency in response to the Coronavirus Disease 2019 (COVID-19). Inconsultation with the legislature, the Administration has determined that the unexpended portion ofthese coronavirus relief funds be spent on several different programs aimed at supporting smallbusinesses and healthcare providers across the State.4

Introduction & Overview of ProgramsProgram NameFundingPurposeAward MethodSmall BusinessCOVIDInterruptionSmall NonprofitCOVIDInterruptionSmall BusinessStartupProgramCommunityBased HealthcareProvidersAcuteCarein Hospitals 400,000,000 40,000,000 10,000,000 115,000,000 15,000,000Small businessesin South Dakotaunder 38.5M in2019 grossrevenue whohave beenimpacted byCOVID-19Small nonprofits inSouth Dakotaunder 38.5M in2019 grossrevenue whohave beenimpacted byCOVID-19Small businessstart ups in SouthDakotaestablishedbetween 9/1/19 –6/1/20 who havebeen impactedby COVID-19Communitybased healthcare providersfunded by thestate throughMedicaid orotherfederal/statedollarsAcute care inhospitals (PPS,CAH, Specialty)and InpatientHospice in SouthDakota who havebeen impactedby COVID-19Reduction inbusinessReduction inbusinessPercent of cashexpensesReduction inbusinessReduction inbusiness5

Application &AwardProcess

Application and Award Process14 Grant awardsissued toqualifyingrecipientsAll funds mustbe disbursedby December30th rants.aspx.To be complete application must be submittedthrough the application portal with all requesteddocumentation.Once the application has been initiated, the applicantwill be provided with log-in credentials. The applicantmay re-enter the application portal to access theapplication in order to complete the application andtrack its status once submitted.3ApplicantNotified of Status& Award Amount2ApplicationReviewedEligible applicant completes application online on theSouth Dakota COVID-19 website at231 CompleteApplication4Applications will be reviewed after they have beendetermined to be complete. Once all applications fora program are received, final award amounts will becalculated on a pro-rata share of available funds.Applicant will receive a notification indicating grantapproval or denial, and if approved, the dollar amountof the grant.Awards will be issued to qualifying grant recipients.7

Application and Award ProcessRob@gmail.comTIN1: Rob@restaurant1.comTIN2: Rob@restaurant2.comTIN3: Rob@restaurant3.com Correspondence for all applications will bedirected to Rob@gmail.com, but applicantmust log in through each username to submitseparate applications For businesses with only 1 TIN/application, thepreferred option is to use your email addressas your username8

Program Eligibility &AwardCalculations

Small BusinessProgram Eligibility& AwardCalculations

Small Business Program OverviewSmall business applicants will be able to request funding to compensate for the financial impact ofCOVID-19.Small Business EligibilityTotal AllocationRecipients 400,000,000Small businessesGrant AmountAward MethodMaximum 100,000per entity"Reduction inbusiness" calculation*Eligibility criteria/calculations further detailed on subsequent slidesAdditional Criteria Businesses must bephysically located inSouth Dakota Meet financial criteria* Provide a certificationthat the business is agoing concern Have gross revenues ofless than 38.5 million in201911

Small Business Grant CalculationGrant amounts for small businesses shall be based on a cashflow from operations model forMarch through August as follows:2019 Cash Flow From Operations“2019 income (March - August) less 2019 cash expenses (March throughAugust, excluding depreciation, amortization, capitalized expenses andnoncash expenses) less term debt principal payments (March - August)”2020 Cash Flow From Operations“2020 income (March - August) less 2020 cash expenses (March - August,excluding depreciation, amortization, capitalized and noncashexpenses) less term debt principal payments (March through August)”Federal COVID-19 AidEligible Amount for “Reduction inBusiness”“Any Paycheck Protection Program (PPP) funds or other federal COVIDgrant funding received by the business in 2020”If the “Reduction in Business is 25% of 2019 Cash Flow From Operations,the business is eligible for an award. Final award based on pro-rata shareof available funds.12

Small Business Programs Grant CalculationSmall businesses were eligible to receive a variety of federal funds from various funding agencies,presenting a unique challenge in avoiding duplication of benefits.Federal COVID-19 Aid Paycheck Protection Program LoansEconomic Injury Disaster Recovery LoanCoronavirus Food Assistance Program (CFAP)Any other COVID-19 federal payment or grant13

Small Business Required Application DocumentsRequired1. Secretary of State Registration as a domestic or foreign company andDepartment of Revenue sales & use tax license2. W-93. Point of contact information (phone, email, physical address)4. Business TIN (SSN or EIN, if applicable)o One submission per TIN (Tax ID Number) i.e. Employer IdentificationNumber or SSN*5. Bank account information for electronic payment of funds6. Government-issued ID7. Articles of incorporation or organization, if applicable8. Certificate of Good Standing from South Dakota Secretary of State, ifapplicable9. For businesses with greater than 150,000 in 2019 revenue, provide your 2019tax return and a detailed Profit/Loss Statement on a cash basis (see details ingrant calculation) for March – August 2019 and March - August 202010. For businesses with less than 150,000 in 2019 revenue, provide your 2019 taxreturns and 2020 income and expenses on a cash basis (See details in grantcalculation) for March – August 2020NOT RequiredDocumentationregarding COVID19 federal aidreceived*Sole proprietors with multiple businesses doing business as (DBA) under their SSN must submit all incomesources under a single application. Business owners with multiple TINs must apply separately for each TIN.14

Small Nonprofit Program OverviewSmall nonprofit applicants will be able to request funding to compensate for the financial impact ofCOVID-19.Small NonprofitsTotal AllocationEligibility CriteriaRecipients 40,000,000Small nonprofitsGrant AmountsAward MethodMaximum 100,000per entity“Reduction inbusiness” calculation*Eligibility criteria/calculations further detailed on subsequent slides Nonprofit must bephysically located inSouth Dakota Meet financial criteria* Provide a certificationthat the entity is a goingconcern Nonprofits must havegross revenues of lessthan 38.5 million15

Small Nonprofit Grant CalculationGrant amounts for nonprofits shall be based on a cashflow from operations model for Marchthrough August as follows:2019 Cash Flow From Operations“2019 income (March - August) less 2019 cash expenses (March - August,excluding depreciation, amortization, and noncash expenses) less termdebt principal payments (March through August)”2020 Cash Flow From Operations“2020 income (March - August) less 2020 cash expenses (March throughAugust, excluding depreciation, amortization, capitalized expenses andnoncash expenses) less term debt principal payments (March - August)”Federal COVID-19 Aid“Any Paycheck Protection Program (PPP) funds or other federal COVIDgrant funding received by the business in 2020”Eligible Amount for “Reduction inBusiness”If the “Reduction in Business is 25% of 2019 Cash Flow From Operations,the business is eligible for an award. Final award based on pro-rata shareof available funds.16

Small Nonprofit Required Application DocumentsRequired1. Secretary of State Registration as a domestic or foreign company andDepartment of Revenue sales & use tax license2. W-93. Point of contact information (phone, email, physical address)4. Business TIN (SSN or EIN, if applicable)o One submission per TIN (Tax ID Number) i.e. Employer IdentificationNumber or SSN*5. Bank account information for electronic payment of funds6. Government-issued ID7. Certificate of Good Standing from South Dakota Secretary of State, ifapplicable8. For entities with greater than 150,000 in 2019 revenue, provide your 2019tax return and a detailed Profit/Loss Statement on a cash basis (see detailsin grant calculation) for March – August 2019 and March - August 20209. For entities with less than 150,000 in 2019 revenue, provide your 2019 taxreturns and 2020 income and expenses on a cash basis (See details in grantcalculation) for March – August 202010. IRS letter confirming non-profit status, or the Secretary of State certificationof non-profit status11. First page of your 990 filing from 2019NOT RequiredDocumentationregarding COVID19 federal aidreceived17

Small Business Startup Program OverviewSmall businesses established between 9/1/19 – 6/1/20 in the State of South Dakota will be able torequest funding to compensate for the financial impact of COVID-19.Small Businesses StartupsTotal AllocationRecipients 10,000,000Small businessstartupsGrant AmountsAward MethodMaximum 100,000per entityPercentage of cashexpensesEligibility Criteria Business must be inSouth Dakota Provide a certificationthat the business is agoing concern Meet financial criteria* Registered businessbetween 9/1/19 - 6/1/20 Be open and operatingon date of application*Eligibility criteria/calculations further detailed on subsequent slides18

Small Business Startup Eligibility CalculationThe financial eligibility of South Dakota start-ups can be calculated in one of two ways: reduction inaverage monthly income or net operating loss.Reduction in Average Monthly IncomeNet Operating LossMonthly Cash Flow ( )(March 1, 2020 toAugust 31st 2020) AverageMonthlyIncome1.2 XAverageMonthlyIncome(Prior to March 1,2020)Monthly Cash Flow (-)Monthly Cash Flow (-)Monthly Cash Flow ( )Monthly Cash Flow (-)Monthly Cash Flow ( )Demonstratethat thebusinessoperated at anet loss (cashbasis) in atleast three ofthe six monthsbetweenMarch 1,2020, andAugust 31,202019

Small Business Startup Grant CalculationAfter a small business startup passes one of the two eligibility screens, a calculation will be applied todetermine the maximum eligible amount.2020 Cash Expenses(March – August), notincluding depreciation,amortization and other noncash expenses.*Federal COVID-19 AidX 20%Maximum Eligible AmountFinal award based on pro-rata shareof available funds.*For the Small Business Startup program, capital expenditures (cash basis) may be included in the 2020Cash Expenses calculation20

Small Business Startup Grant CalculationSmall business startup applicants are required to complete and upload an eligibility & calculationtemplate as part of the application.The Calculation Worksheet can be found at:https://covid.sd.gov/docs/SouthDakota Small%20Business-StartupCalculation%20Form.xlsx21

Small Business Startup Required Application DocumentsRequired1. Secretary of State Registration as a domestic or foreign company andDepartment of Revenue sales & use tax license2. W-93. Point of contact information (phone, email, physical address)4. Business TIN (SSN or EIN, if applicable)o One submission per TIN (Tax ID Number) i.e. Employer IdentificationNumber or SSN*5. Bank account information for electronic payment of funds6. Government-issued ID7. Articles of incorporation or organization, if applicable8. Certificate of Good Standing from South Dakota Secretary of State, ifapplicable9. For businesses with greater than 150,000 in 2019 revenue, provide your 2019tax return and a detailed monthly Profit/Loss Statement on a cash basis (seedetails in grant calculations) for the periods of both September 2019 –February 2020 and March – August 202010. For businesses with less than 150,000 in 2019 revenue, provide your 2019 taxreturns and a monthly Profit/Loss statement on a cash basis (see details ingrant calculations) for March – August 2020)11. Small Business Startup Calculation Worksheet**Available at https://covid.sd.gov/docs/SouthDakota Small%20Business-StartupCalculation%20Form.xlsxNOT RequiredDocumentationregarding COVID19 federal aidreceived22

AdditionalInformation &Resources

Important Notes & Reminders1. Applications will be open from October 13th to October 23rd2. Business owners and providers with multiple TINs must complete one application for each TIN Each application requires a unique registration and username Applicants may create multiple usernames under the same email address. However, eachusername must be unique and must be in “email address” format: jsmith@example.com3. Small Business Startup Program applicants must complete calculations on the Microsoft Excelform provided by the State at ts.aspx4. Sole proprietors applying with a SSN must consolidate all businesses and financial informationunder one application5. Grant amounts calculated at less than 750 will not be awarded6. Applicants must provide a screenshot of your entity’s Certificate of Good Standing (seerequired documents). An official copy from the State is not required7. Applicants that do not possess Secretary of State Registration as a domestic or foreigncompany are permitted to submit an application without providing this document24

Next Steps & Resources AvailableNext steps:Resources available:1. Review lists of required documentationinformation in preparation forapplications opening on October 131. Help line: (605) 937-72432. For small business startups, download theSmall Business Startup CalculationWorksheet available on the kota Small%20BusinessStartupCalculation%20Form.xlsx2. Email:3. Reach out to the help phone number oremail address for assistance Businesses Grants:COVID.BIZGRANTS@state.sd.usHealthcare Grants:COVID.HEALTHCAREGRANTS@state.sd.us3. Program communications, trainings,application, frequently asked questions: 4. Submit applications from:October 13th – October 23rd5. Sign grant agreementOpen 8AM – 5PM central timeMonday through -grants.aspx4. Daily office hours: Healthcare programs: 3PM Central Small Business programs: 4PM Central

average monthly income or net operating loss. Small Business Startup Eligibility Calculation Reduction in Average Monthly Income Net Operating Loss 1.2 X Average Monthly Income (Prior to March 1, 2020) Average Monthly Income (March 1, 2020 to August 31st 2020) Monthly Cash Flow ( ) Monthly Cash Flow (-) Monthly Cash Flow (-) Monthly Cash Flow ( )

Related Documents:

Board, South Dakota Hall of Fame Board Member, South Dakota Rodeo Association Board, United State Team Penning Association Board, National Cutting Horse Association, Masonic Member of Joppa Lodge, El Riad Shrine Member, South Dakota House of Representatives from 2011- 2012 and the South Dakota Senate from 2012- 13. He

by March 1887. Sioux Falls was home to both the conference office and the Tract Society (renamed the Book and Bible House in 1924).10 South Dakota Conference (1889-1895) From 1889, when the Dakota Territory became the States of North and South Dakota, until 1895, the Dakota Conference was known as the South Dakota Conference.

Irish immigrant John Keating, is buried in Deadwood, SD. Photo by Museum of the South Dakota State Historical Society staff, 2005. 14. Headstone of Anna Waldner, at Huron Hutterite Colony. Photo by Museum of the South Dakota State Historical Society staff, 2005. 15. Isaac Williams, an

South Dakota Community Transformation Grant Application 09 Category B-Implementation South Dakota State Dept of Health Pierre Hughes SD-000 812,383 46 Prevention and Public Health Fund/Other ACA Funds Comprehensive Chronic Disease Prevention Collaborative Chronic Disease, Health Promotion, and Surveillance Program South Dakota State Dept of Health

Constitution to the people of South Dakota. Since becoming the 40th state to enter statehood, South Dakota has risen to be one the freest and most vibrant in the union. Within these pages of our State Constitution is the foundation of South Dakota's unique heritage and understanding of life as experienced on the prairie, in the

In 2013, the gross domestic product (GDP) of the South Dakota economy was 46.7 billion. GDP is a measure of the value added in production by labor and capital in the state. The key industries of the South Dakota economy are— Finance/insurance/real estate—including serving as a center for national banking operations;

Consequently, the South Dakota became the first battleship since 1. U. S., Department of the Navy, Naval History Division, Ships' Histories Section, "History of USS South Dakota (BB 57)," n.d., p. 1. The armored cruiser was renamed because construction of a new, state-of-the-art battleship to be called the South Dakota had begun in 1920.

In 2016 there were 2,687 arrests in 46 counties across South Dakota with 64 pounds of meth seized and 9 labs found. The South Dakota Youth Risk Behavior Survey (YRBS) indicates that South Dakota youth have higher rates of trying meth at 3.8% compared to the national avaerage of 3%. Methamphetamine Stats A t-A-Glance /p div class "b_factrow b_twofr" div class "b_vlist2col" ul li div strong File Size: /strong 1MB /div /li /ul ul li div strong Page Count: /strong 25 /div /li /ul /div /div /div