The Covid Rescue Fund Provides Matching Grants up to $100,000 for small business owners who lost a business to Covid-19. These funds are to be used for starting a new business.
Now accepting applications
How the Fund Works
- Businesses that had <$2M in annual revenue in 2019
- Businesses with fewer than 3 locations in 2019
- Businesses that were in business prior to 2019
- Businesses that were profitable in 2019
- Brick and Mortar businesses only
- Businesses that provided the majority of income for the applicant
- Businesses that lost their physical premises due to Covid
- Applicants who do not have a history of criminal activity
- Applicants who are not in the process of any bankruptcy proceeding.
- Do I have to open the same business?
No, we want to help the owners who’ve suffered. We know that the post pandemic world may need different businesses and you are free to start any new business.
- What are Matching Funds?
Matching Funds refers to cash that you have available to invest in the new venture. This can be any form of loan (i.e. SBA loan) or cash. We require matching funds because we want to make sure that our funded businesses have the best chance of success
- When do I get the Grant?
Grants will be paid upon approval and meeting one of the following matching fund requirements:
a)Any business loan made to the new business entity after the date of the application or
b)Proof of payment – Covid Rescue Fund will reimburse the applicant for the cumulative balance of proven paid invoices totaling up to approved grant amount
- What else is needed to apply
If you are awarded a grant, you must provide documentation validating all submitted information
- What is a brick and mortar business?
Brick and mortar businesses refer to any business that had a physical location that directly serves customers. Examples include, gyms, salons, restaurants, cafes, etc.
- How do other stimulus programs impact eligibility for the Covid Rescue Fund Grants?
Other stimulus programs do not restrict your ability to ability to receive a Covid Rescue Fund. We advise all grantees to seek tax and legal counsel to ensure compliance with any federal loan or grant programs.