We are wrapping up another tax season with tax day on July 15. We are also still working with our business clients; many of whom have had to close or partially close due to COVID.
The state of Missouri recognized that the closures have brought about a hardship for businesses. The Department of Economic Development has introduced the Small Business Grant Program. This program has factored in $30 million for small business and $7.5 million for family owned farms. Grants are initially limited to $50,000. Application for the grant were being accepted as of July 15, 2020.
To qualify for this program you must be a small business or a family owned farm. Additional requirements include:
- Business must have incurred costs due to COVID between March 1, 2020 and November 15, 2020.
- Employs 50 or fewer employees including owners
- Be located in Missouri
- Incorporated in Missouri (exception for family farms)
- Registered to do business in Missouri and be in good standing with the Secretary of State (exception of an unincorporated family farm)
- Complete and submit Form 943 to obtain a tax clearance certificate from Missouri Department of Revenue for each owner and the business.
- Must not employ illegal workers and must provide proof of enrollment in E-Verify
- Register as a vendor with the State of Missouri through the MissouriBUYS web portal.
For more information and to get an application please visit https://ded.mo.gov/content/small-business-grant-program.
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.