Applicants shall be for-profit businesses physically located and operating in the City of Corning with a demonstrated economic need as a direct result of COVID-19.
Grants will be limited to one grant per business entity.
Businesses must have 10 full time equivalent employees (FTE) or less. Self-employed business owners are eligible (40 hour per week equals 1.0 FTE; a part-time employee working 20 hours per week equals 0.5 FTE).
Business applicants who have been approved for or have received disaster relief funding such as Paycheck Protection Program and Small Business Administration (SBA) Economic Injury Disaster Loans are eligible only if the amount received is less than the documented financial need of the business (financial information to be included in the application and verified with follow-up documentation).
Home-based businesses, banks, multi-family housing, and car transporting businesses are not eligible to apply.
Sole proprietors who received unemployment or other State assistance are eligible only if the amount received is less than the documented financial need of the business (financial information to be included in the application and verified with follow-up documentation).
Business applicant must have no outstanding local, state, federal tax liens nor judgements. If this is applicable, business must upload documentation of their current payment plan.
Applicants must have no bankruptcies within the last three years; bankruptcies must have a discharge date dating back at least 3 years at time of grant application. Verified through credit check. No minimum credit score required.
It must be demonstrated and certified that the business has been operating for at least one year prior to March 15, 2020. Accepted documentation includes: 1 year of federal business tax returns or Fictitious Business Name Statement filed prior to March 15, 2019. Note: If a business was purchased after March 15, 2019, but the business was operating prior to March 15, 2019, the new business owner is eligible to apply if they can show a need based on impacts from COVID-19.
Applicants must provide financial statements and business plan summary to show impact from COVID-19 business closures and/or business modifications (if applicable), and pro-active planning for the coming year, including how grant funds will be expended by December 30, 2020.
Applicants must show evidence of a current City of Corning Business License.
Applicants must attest to the fact that they will adhere to the Federal, State, and Local guidance related to COVID-19.
Applicants must attest that grant funds will be utilized for expenditures directly related to impacts from COVID-19, and that all grant funds will be fully expended prior to December 30, 2020.
Applications will be accepted electronically during a 2-week period of time.