Little plans to give $300 million in grants to small businesses as state enters Stage 1
BOISE - Governor Brad Little announced plans Thursday for more than 30,000 Idaho small businesses to receive Idaho Rebound cash grants, a $300 million investment in Idaho's small business employers.
"No other state in the country is putting up a larger amount from the Coronavirus Relief Fund to help small businesses with cash support," Little said. "Small businesses are the backbone of our economy. My Economic Rebound Advisory Committee, which I created last week, recommended this step to ensure a path back to prosperity and restore the trajectory we had 70 days ago."
News of the cash grants comes as Little announced Idaho has met the criteria to enter Stage 1 of the reopening plan on May 1.
Cash grants of up to $10,000 will be available to small businesses. Businesses will be eligible if they have not already received an SBA-backed Payroll Protection loan or received less than $10,000 in such a loan.
The Governor's Coronavirus Financial Advisory Committee (CFAC) will finalize full program sideboards at its meeting Friday to ensure the money is carefully targeted to impacted small businesses. The criteria and process to apply will be made available at Rebound.Idaho.Gov on May 5 at 9 a.m. Mountain Daylight Time. Applications will be accepted starting May 11.
The Idaho State Tax Commission will facilitate the applications. To apply, small businesses must create a Taxpayer Access Point (TAP) account through the Tax Commission if they do not already have one. Small businesses are encouraged to create a TAP account as soon as possible. Information on creating such an account is available here.
"I understand the need for transparency around spending public money, and that is why all recipients of the Idaho Rebound cash grants will be displayed at Transparent.Idaho.Gov," Little said. "I sincerely appreciate the collaboration we have had with State Controller Brandon Woolf in making this information publicly available. He is truly a champion of transparency in government."
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