Thursday, August 13, 2020

MicroE Program

Town of Hopkinton

Business Microenterprise Stabilization Grant (MicroE) Program

The Town of Hopkinton, with Community Development Block Grant (CDBG) funds provided by the R. I. Office of Housing
and Community Development (OHCD) and the U.S. Department of Housing and Urban Development (HUD), is offering
working capital grants to qualifying small business microenterprises adversely impacted by COVID-19.

Eligible Businesses: Certain types of microenterprises are eligible. A microenterprise is defined as a commercial
enterprise that has five or fewer employees, one or more of whom owns the enterprise.

FY 2020 Mod/Low Income (80%) Limit

City/Town of Residence 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
All other RI communities 48,750 55,700 62,650 69,600 75,200 80,750 86,350 91,900
Westerly, Hopkinton, New Shoreham 50,050 57,200 64,350 71,500 77,250 82,950 88,700 94,400
Newport, Middletown, Portsmouth 54,950 62,800 70,650 78,500 84,800 91,100 97,350 103,650

 

The microenterprise owner’s gross annual family income may not exceed the applicable threshold below, based on
family size and city/town where you live (not where your business is located).

 

Businesses must meet the following eligibility criteria:
      1. Be a microenterprise, as defined above
      2. Be owned by low- or moderate-income person(s) (≤80% of the Area Median Income, based on family size)
      3. Be a for-profit entity (sole proprietorships, partnerships, corporations, or LLCs)
      4. Have a physical establishment in the city/town of application
      5. Provide goods or services to multiple clients or customers
      6. Be in good standing with the state and city/town
          a. Be current on all taxes due through 3/1/2020
          b. Active and valid state licenses/registrations, if applicable
          c. Not a party to litigation involving the state or city/town
      7. Be able to document a loss of income of at least $1,000 due to COVID-19
      8. UPDATE:  As of 6/17/20, the Rhode Island Office of Housing and Community Development has expanded the MicroE program to allow businesses established in 2019 to participate. Other requirements must be met, including the minimum revenue amount.
      9. Have annual gross revenues greater than $25,000
      10. UPDATE:  As of 6/17/20, the Rhode Island Office of Housing and Community Development has expanded the MicroE Program to allow sole owner/employee businesses to apply for this program. The maximum amount of people employed by the microenterprise has remained at five (5) people, including the owner.
      11. UPDATE:  As of 6/17/20, microenterprises that have received funds from the Economic Injury Disaster Loan (EIDL), Paycheck Protection Program (PPP), or the Small Business Association (SBA) are now eligible for the MicroE program. Initially, applicants for the MicroE program were not eligible if they had received monies or award approval from the aforementioned program(s). At this time, the program has been revised to allow microenterprises that have received funding from these sources to also apply for the MicroE program. Applicants who have received these funds, then apply for the MicroE program, must show that the adverse impacts on their business exceeded PPP or EIDL assistance by at least $5,000.
      12. Not be listed under the excluded business types, as amended (see below)

Required Documents: Applicants must submit all application forms, and supporting documents, including copies of:

  • Driver’s License or State-Issued Photo ID
  • Personal tax returns for all adults filing separately (2018 or 2019)
  • Business tax returns (2018 or 2019)
  • Copies of payrolls for most recent pay period and pay period ending on/before 3/7/2020
  • Copies of receipts for impacted period in 2020 (e.g. March), and same period in 2018, 2019

Grant Amounts: $5,000 grants will be disbursed via a single lump-sum payment to approved, eligible microenterprises.

Uses of Funds: Funds may be used for working capital to cover business costs, such as rent, staffing, and utilities.
MicroE funds may not be used for major equipment purchases, purchase of real property, construction activities,
business expansion, or lobbying.

Excluded Business Types: The following business types are excluded from participating in this program:

  • cannabis-related businesses;
  • real estate rentals/sales businesses;
  •  UPDATE:  As of 6/17/20, home-based businesses with a single employee who is ALSO the owner of the business are eligible for this program.
  • businesses owned by persons under age 18;
  • businesses that are franchises or chains;
  • liquor stores;
  • weapons/firearms dealers;
  • persons operating as independent consultants/contractors and providing services to a single entity;
  • home-based businesses that are restricted to patrons below the age of 18;

UPDATE:  THE APPLICATION DEADLINE FOR THIS PROGRAM IS, TENTATIVELY, SEPTEMBER 30, 2020. ANY FURTHER EXTENSIONS WILL BE BASED ON DEMAND AND AVAILABILITY OF FUNDS, AND WILL BE MADE BY THE OFFICE OF HOUSING AND COMMUNITY DEVELOPMENT.

Microenterprises owned by students age 18+ are generally ineligible, unless the student owner is the sole means of
financial support for other family members.

FOR COMPLETE PROGRAM GUIDELINES AND APPLICATION MATERIALS, CONTACT:

The Hopkinton Planning Department
Talia Jalette, Senior Planning Clerk
482 Main St., 2nd Floor, Hopkinton, RI, 02833
Phone: 401-377-7770
E-mail: TJalette@hopkintonri.org
http://www.hopkintonri.org/

Application Materials and Further Information

https://commerceri.com/emergency-grants-and-funding/

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