South Dakota Small Business Can Receive up to $100,000 in Aid
NFIB, or the National Federation of Independent Business, the largest small business organization in South Dakota, today thanks the legislature for approving $400 million in Coronavirus Relief Funds (CRF) this week to assist South Dakota’s small businesses negatively impacted by the COVID-19 pandemic. The small business grant applications open on October 12 and close October 23. Grants would be awarded up to $100,000 per qualifying business.
The news comes just as NFIB’s member survey was released today. That survey found that 49% of borrowers anticipate needing additional financial support over the next year and that 22% of PPP borrowers anticipate having to lay off employees in the next six months. You can find that survey here.
“The findings from this survey are very clear: six months into this pandemic and South Dakota small businesses are still struggling,” said Lindsey Riter-Rapp, NFIB State Director in South Dakota. “That’s why this federal CARES Act money that the legislature has just approved is so vital to keeping South Dakota’s economy running and open for business. With this money, small business owners will be able to keep their employees paid and supporting their families, pay the rent and hopefully bridge the gap and keep their doors open.”
Under Governor Noem’s proposal, businesses would qualify for this grant if they are located in South Dakota, have at least $50,000 in gross revenue in 2019, and have had a reduction in business of at least 25% between March and May as a result of COVID-19. The calculation for “reduction in business” can be found here.