The most common businesses eligible are restaurants that operate between 7 a.m. and 10 p.m. on weeknights and weekends. A small business doesn’t need to be a full-service restaurant, such as a restaurant with a kitchen, but it must be a business with fewer than 40 employees.
Who receives small business grants?
The Office of Small Business Programs administers the program. In addition to businesses with 40 or fewer employees, the agency accepts small businesses that are classified as being primarily self-employed, have an annual sales of zero dollars or less and have no more than 50 employees. The agency also accepts small businesses that are classified as being primarily manufacturing, or where more than 50 employees make up the business.
How does the federal Small Business Financial Assistance Program work?
The program provides grants for businesses that operate between 7 a.m. and 10 p.m. on weeknights or weekends. The first year the program funded 100 applications and awarded grants totaling $1.8 million. Subsequent years of funding were awarded based on applications received. The federal government uses a financial formula to determine eligibility, but a nonprofit organization or the Department of Labor can apply for the program as long as the organization is operating as a small business before October 1, 2008.
How can I apply?
Start the application process at no cost. Businesses may download a form and present it at two places: the Small Business and Entrepreneurship Center website for more information at https://www.nsbep.gov/smallbusiness; and the U.S. Small Business Administration website where companies may apply for grants and assistance online.
What may be withheld and given back to me?
As a small business applicant, most business applications are free of charges and are reviewed by the agency. The agency will not ask you to provide financial information, but may ask about the number of employees, business income, gross receipts of business, assets and liabilities, including mortgages, rent, taxes, interest rates, or the value of future income from the business.
What if I do not accept the terms of an offer?
If you are not interested in accepting the terms of an invitation, you may decline and the agency may still send you a grant application. However, you must still return the application.
What if I make an offer, but the business is not going into business?
There is a third option for businesses whose first offer was to
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