This week, Governor Kay Ivey announced a “Revive Alabama” grant program to support small businesses in Alabama that have been impacted by COVID-19. $100 million is up for grabs. Get all the details here.
What’s the goal?
We all know small businesses have been hit hard by COVID-19. A new statewide grant fund, Revive Alabama, aims to reimburse small businesses up to a combined $100 million for expenses they have incurred due to operational interruptions caused by the pandemic and related business closures.
“In many ways, our small businesses were hit the hardest from the coronavirus pandemic.
Ensuring these owners have every opportunity to recoup expenses incurred due to the disruption of business is essential to getting our economy roaring once again.”Alabama Governor Kay Ivey
Why $100 million?
Alabama received approximately $1.9 billion of CARES Act funding to respond to the coronavirus pandemic. The first chunk of that—up to $300 million—was designated for individuals, businesses, non-profit and faith-based organizations.
This next act, controlled by the Alabama Department of Revenue (ALDOR), aims to help alleviate some of the financial stress small businesses have been under in an effort to give Alabama’s economy a boost.
How can you apply?
Applications will open at noon on July 16 and close at midnight on July 25. Here’s how to access the application:
- Log into your My Alabama Taxes (MAT) account.
- Click the ‘Apply for a Revive Alabama Small Business Grant’ link in the “I Want To” section at the top right.
- Complete and submit your application by July 25.
There is no set cap on the number of businesses that may be awarded a Revive Alabama Small Business Grant. ALDOR claims that grants will be awarded to qualifying applicants on a first-come-first-served basis until the funds are exhausted.
Are you eligible?
You can access a full list of eligibility requirements at this link. Here were a few that stood out. In order to qualify, a small business must verify that it:
- Is a resident of this state with a permanent place of business located in this state.
- Had no more than 19 full-time equivalent employees as of March 1, 2020.
- Is not a subsidiary of or owned by a business with more than 50 full-time equivalent employees, or part of a larger business enterprise with more than 50 full-time equivalent employees.
- Had gross revenues that did not exceed $5,000,000 for the 2019 tax year.
Where else can you get help?
Qualifying businesses may receive up to $15,000 to reimburse COVID-19 related expenses if they have not received federal assistance for the corresponding item they are claiming with the state of Alabama.
If you’re looking for more assistance, check out these local resources:
- Bham Now is always trying to promote small biz support, which is why we created a local database where business can be featured on our site for free! Sign up yours today.
- Create Birmingham is another awesome resource spotlighting and celebrating local businesses from tech companies to the arts.
- Be Bham is Birmingham’s newest platform and a 20-week program, “designed to empower Black entrepreneurs with the business knowledge, encouragement, social networks and resources needed to be competitive in Birmingham’s changing and expanding marketplace.”
- Bham Strong has been vital in strengthening small businesses during COVID-19 including offering loans, resources and more.
- The Birmingham Business Alliance has always offered help to local businesses and been especially vital during COVID-19.
This grant comes just in time for small business week 2020. Check out how you can celebrate right here in Birmingham.