Cedar Rapids Jobs & Small Business Recovery Program 2016
Purpose: The Jobs & Small Business Recovery Program 2016 (the “Program”) is intended to provide financial support of up to $5,000 to businesses that suffered significant expenses and revenue losses during flood preparation, evacuation and cleanup from the late September flooding of the Cedar River in Cedar Rapids, Iowa. Grants awarded from the Program are not likely to recoup all losses for businesses, but the Program is intended to be simple and timely in order to get money into the hands of in-need businesses as quickly as possible.
Eligible Applicants: Applicants must be located in the evacuation area declared by the City of Cedar Rapids during the flood (see map below). While it is recognized that businesses in other communities along the Cedar River also experienced flood damage, this Program is limited to those within the evacuation area in Cedar Rapids, as funding is being provided by the City of Cedar Rapids and several other Cedar Rapids-based entities.
Applicants must be a for-profit business entity, and have 50 or fewer full-time equivalent employees.
Applicants must be in a business that requires its physical location in order to derive revenue, and must have had at least one day in which the business had zero revenue as a direct result of the evacuation. Businesses that can conduct business remotely, providing services and/or products that derive revenue even while displaced from a primary business location, are NOT eligible for this grant fund.
Applicants must have been in business at the time of the evacuation and suffered an actual business interruption that resulted in revenue loss. A business location that derived no revenue during the flood but was not deriving revenue immediately before the flood is NOT eligible.
Program Rules & Process: A 7-person Grant Committee will review grants and determine awards, with a majority of the Committee representing a quorum. The Committee will include representation from the business community within the flood evacuation area. All decisions of the Committee are final. Grant recipients will enter into an award agreement with the Economic Alliance Foundation, and funds will be distributed as soon as possible after the agreement is signed.
Applications will be considered in the order they are received. Grants will be distributed until Program funds are exhausted or until the Committee determines adequate time has been allowed for businesses to submit applications.
The maximum grant is $5,000 or up to 50% of average weekly sales of the business, product loss and demonstrated costs related to the evacuation. Grants are determined based on merits of this Program application and will not consider other financial aid a business may have received from insurance, other grant programs or other funding sources. The Committee will consider the financial need of the business, as the Program’s primary purpose is to prevent business closures and to help get affected businesses back to stability.
Grant Application: General application information must be submitted electronically HERE with all required documentation attachments submitted via email to EconomicAlliance@cedarrapids.org. Acknowledgement of receipt of the application will be provided within one working day, and if not, the applicant should call the Cedar Rapids Metro Economic Alliance at 319-398-5317 to confirm receipt. All general application information and required documentation attachments must be submitted by Wednesday, January 18, 2017.
Applications must include all of the following information, submitted electronically via form link above and attachments sent via e-mail to EconomicAlliance@cedarrapids.org.
1) Official Business Name and Address, as well as any dba names of the business.
2) Documented proof of business existence (usually in the form of Secretary of State certificate, but other documentation may be accepted.)
3) Name of all Business Owner(s) and Address(es).
4) Name and Addresses of Executive Officer(s) of the Business, if different than Owner(s).
5) Most recent full year of business financial statements. If operating for less than a year, submit statements for months of operation. Examples include: IRS Schedule C or K-1, Income Statement from your accounting system, such as Quickbooks. You need just ONE of these, but it should be a verifiable source. Hand-written notes will not suffice.
6) Documented costs of flood preparation and cleanup, including but not limited to:
a. Cost of sand and sandbags, plywood, plastic sheeting or other construction materials used to protect the building and/or property.
b. Cost of fuel, pumps, generators and any other equipment, materials and supplies used to protect the building and/or property.
c. Cost of contractors hired for preparation, evacuation, re-occupation and cleanup activities.
d. Cost of transportation and storage for any equipment, products, furniture, etc. taken off-site and then returned.
7) Documented evidence of revenue loss, demonstrated – for example - by year-over-year or month-over-month sales tax receipts, Square reports, bank deposits, etc. that would show an average sales week vs sales (if any) for during the flood threat period. Other means of demonstrating lost revenue may also be accepted, but losses must be documented in some way and differences to an average sales week or month should be made as clear as possible.
Include total loss, as well as information about the number of days without sales revenue.
Documentation of these costs is critical and must include proof that the expenses were borne by the business entity. Work performed by volunteers or items donated by volunteers are not eligible for grant funding. Expenses covered by a property owner rather than a tenant business are not recoverable by the tenant business. Loss of revenue also must be documented.