Gov. Kristi Noem plans to allocate up to $400 million worth of federal Coronavirus Relief Funds (CRF) to assist South Dakota’s small businesses negatively impacted by the COVID-19 pandemic.
Under Noem’s proposal, businesses would qualify for this grant if they are:
Located in South Dakota
Have at least $50,000 in gross revenue in 2019; and
Saw a reduction in business of at least 25% between March and May as a result of COVID-19.
“South Dakota is in a good spot as we rebound from COVID-19, but some of our small businesses were still hurt by this pandemic,” Noem said. “These folks are the lifeblood of our communities and economy. When I asked folks to adjust their way of life to help us flatten the curve, South Dakotans exercised their personal responsibility and responded. That adjustment significantly impacted the day-to-day operations, customer traffic, and supply chains of a number of small business owners across our state. It’s my hope that this proposal will help folks stay open and overcome the unprecedented times we’ve faced these last several months. I’m looking forward to discussing it with the Legislature.”
The proposed application period for the program would open on Oct. 12 and close Oct. 23. Grants would be rewarded once all applications are received. After the initial reward period, a second allocation of funds would be considered if additional funds are still available. Under current federal law, all funds must be distributed by Dec. 30. Grants would be awarded up to $100,000 per qualifying business.
To learn more about this framework and the fight against the COVID-19 pandemic in South Dakota, visit COVID.sd.gov.