Yadkinville CARES Small Business Assistance Grant

Yadkinville CARES Small Business Assistance
Grant Program Overview

To mitigate the impact of COVID-19 on the Yadkinville small businesses and their employees, the Town of Yadkinville is providing emergency financial support through the Yadkinville CARES Small Business Assistance Grant Program that is targeted at qualified small businesses negatively impacted by the COVID-19 pandemic due to Governor Cooper’s Stay at Home Orders.  The program will provide one-time grants to help offset the significant, temporary loss of revenue to qualified businesses during this pandemic and to assist businesses in maintaining their business and workforce.

The Town of Yadkinville has identified up to $50,000 in emergency relief funds to support the small businesses hardest hit by the pandemic, specifically local businesses with a commercial location in the Town.  The source of funding for this grant program is the Coronavirus Aid, Relief, and Economic Security (CARES) Act Federal stimulus package.

PROGAM OVERVIEW:
  • Grants are for qualifying small businesses located in the Town of Yadkinville.
  • Funds can only be used to reimburse the cost of business interference caused by required closures or operation limitations. Such costs include employee salaries and wages, utilities, rent or mortgage payments.
  • Grants will be awarded on a first-come-first-served basis for qualified applicants.
  • Qualifying Businesses with 1-3 full-time employees, including the owner, may qualify for a grant of up to $2,500. Equivalent part-time employees may be considered.
  • Qualifying Businesses with 4-10 full-time employees, including the owner, may qualify for a grant of up to $5,000. Equivalent part-time employees may be considered.
ELIGIBILITY:

 A business is eligible for a grant if it meets ALL of the following criteria:

  • The Business must be an independent small business located within the Town of Yadkinville.
  • “Brick and mortar” locations which would include restaurants, goods, entertainment, and services.
  • The business has been operating before October 1, 2019.
  • Businesses can demonstrate ongoing business operations as of February 29, 2020.
  • The Business is expected to return to full operations after local and state emergency guidelines during COVID-19 are rescinded.
  • For-profit businesses including, but not limited to sole proprietorships and independent contractors.
  • Non-essential and essential businesses impacted by the local or state Stay at Home Orders are eligible to apply.
  • Businesses with one (1) to ten (10) full-time employees or equivalent part-time employees, including the owner, provided the total weekly hours of all employees who do not exceed 400 (10 FTE x 40-hour workweek).
  • Franchises are only eligible if the franchisor is independent and locally owned
  • Businesses with revenues of $500,000 or less according to the most recent tax filing.
  • The Business must demonstrate it has experienced at least a 25% decline in revenue due to COVID-19.
  • The business has not filed for bankruptcy.
  • The business does not have any current open judgments or tax liens.
  • The business does not have any unresolved code enforcement issues or current unpaid code enforcement liens.
  • The Business is not operating in violation of any State, Federal, or local laws.
  • The Business is financially in good standing with the Town of Yadkinville government.
  • Ineligible businesses include:
    • Non-profit businesses
    • Publicly-traded companies
    • Real estate investment firms, when the real property will be held for investment purposes
    • Franchises which are not independent and are not locally owned
    • Businesses that are wholly or primarily (75%) online-based
    • Home businesses
HOW TO APPLY:

Yadkinville CARES Small Business Grant applicants must:
  1. Carefully read and review program eligibility criteria
  2. Submit an application form (link below). In order to expedite the issuance of funds, applications will only be received using the link to the online form. Incomplete applications will not be reviewed.
  3. Include the following required documents with your completed, signed application:
  • Include your complete, filed 2019 tax documents including all schedules and attachments (for example, 1099 forms) (upload provided within the application). Applicable tax returns include:
    • IRS form 1065 Partnership Return
    • IRS form 1120 Corporation Return
    • IRS form 1120S S Corporation Return
    • IRS form 1040 (sole proprietors), including a Schedule C – Business Profit and Loss, along with the rest of the Return
  • Most recent bank statement
  • Financial statement (business income and expense statement since October 1, 2019)
  • Itemized budget for requested funds
  • Payroll: IRS Form 941 or equivalent
  • A completed signed and dated Form W-9. This tells us who to write the check to and where to send it.

If the applicant is unable to provide any of these submission components, please explain why, so the Town still may be able to consider the application with alternative documents.

Frequently asked questions and answers are also provided along with grant instructions. Those with additional questions may contact Yadkinville Town Hall staff member Abigaile Pittman at (336) 679-8732.

Grant applications will be accepted starting Monday, September 21, 2020.  The application period will close when all grant funds have been awarded or reallocated, but no later than November 2, 2020. 

Links:

Frequently Asked Questions

Grant Instructions

Grant Application