Governor Little Announces Rebound Idaho Small Business Grants

On May 1st, Governor Little unveiled a plan to provide grant funding to small businesses impacted by coronavirus. Under the program, Governor Little will make up to $300 million from the Coronavirus Relief Fund available to Idaho small businesses. The program provides up to $10,000 in grant funding for Idaho small businesses and nonprofits with W-2 employees that have experienced business disruption due to COVID-19. Eligible entities must have an Employer Identification Number (EIN) and:

• Have an active Idaho State Tax Commission withholding account established prior to January 2020;
• Had between one and 50 employees as of February 15, 2020;
• Have suffered a qualified business interruption;
• Didn’t receive an SBA-backed Payroll Protection loan or received less than $10,000 in such a loan; 
• Didn’t receive compensation from an insurance company for the covered business interruption due to COVID-19 or received less than $10,000 in such compensation; and
• Your business isn’t a subsidiary of a business with more than 50 employees, isn’t part of a larger business enterprise with more than 50 employees, and is not owned by a business with more than 50 employees.

Eligible business expenses include:

• Payroll, 
• Increased costs related to COVID-19 prevention measures, and/or
• Disrupted supply network leading to inventory or other material shortages.

The Governor’s Office estimates that up to 30,000 Idaho small businesses could qualify for the program. The program will be administered by the Idaho State Tax Commission. Additional information about the program can be found here.