L
O
A
D
I
N
G
L
O
A
D
I
N
G
On Wednesday, Sept. 23, the South Carolina General Assembly adopted legislation on how to spend federal funding it received via the CARES Act. The General Assembly, with unanimous support from the Horry County Legislative Delegation, dedicated $25 million to a nonprofit relief program and $40 million to a minority and small business relief program.
This was a key advocacy priority for the Myrtle Beach Area Chamber of Commerce. We thank the Horry County Legislative Delegation for supporting these timely relief programs. As funding from PPP and EIDL are dried up, businesses in the Myrtle Beach area have been looking for relief options to help keep the lights on. Kudos to our General Assembly and Horry County Delegation for creating these programs.
NOTE: The application process for these grants is not open yet. We will provide an update once we receive more details on how businesses can apply. We are sharing this preliminary information with our investors now so businesses can start thinking about how they will apply to receive the most relief.
$25 Million Nonprofit Reimbursement Grant Program
According to the legislation, this program “shall award grant to qualifying nonprofit entities to reimburse the qualifying nonprofit entity for some, or all, of the costs associated with qualifying expenditures incurred, or expected to be incurred, by the qualifying nonprofit entity between March 1, 2020 and Dec. 1, 2020.” Grants will be between $2,500 and $50,000. Nonprofit entities must apply for grants no later than Nov. 1, 2020. The legislation defines a nonprofit entity as “a 501(c)(3) that has been operating in S.C. for at least six months prior to the governor’s initial state of emergency declaration on March 13, 2020.”
Application Process for Nonprofit Reimbursement Grant Program
According to the legislation, businesses interested in applying for these grants will be applying to the “S.C. Grants Management Program.” Applicants are required to provide information concerning expenditures for which the applicant seeks the grant. The grants will be awarded for qualifying expenditures as determined by a grant panel. Priority will be given to applicants that did not receive other assistance (PPP, EIDL or other CARES funding). Second priority will be given to applications for expenditures related to:
The legislation goes on to define a “qualifying expenditure” as NOT including any expenditure that qualified the nonprofit entity to receive federal emergency relief funds, including the Paycheck Protection Program, if the nonprofit entity has, or will, receive the federal emergency relief funds. Essentially, this section of the legislation confirms that nonprofits cannot double-dip.
Who is on the panel that judges the nonprofit grants?
The legislation sets out the individuals and agencies that are tasked with reviewing and awarding grants.
$40 Million Minority and Small Business Enterprise Reimbursement Grant Program
According to the legislation, this program “shall award grants to qualifying minority and small business enterprises to reimburse the expenses of some, or all, of the costs associated with qualifying expenditures incurred, or expected to be incurred, by the qualifying minority or small business enterprise between March 1, 2020, and Dec. 1, 2020.” Grants will be between $2,500 and $25,000. The deadline to apply for these grants is no later than Nov. 1, 2020.
Like the nonprofit program, applicants CANNOT receive state grant funding for expenditures for which they have previously received federal funding through CARES Act programs like the PPP.
Application Process for Minority and Small Business Grant Program
Applications will be made to the S.C. Cares Grant Management Program. Priority will be given to minority businesses, to applicants that did not receive PPP, businesses with 15 or fewer employees and to businesses that demonstrate the greatest financial need. The legislation defines a “minority business enterprise” as a business with 25 or fewer employees that has been operating in S.C. for at least six months prior to the governor’s initial COVID-19 state of emergency declaration on March 13, 2020, and is owned by an individual who is a U.S. citizen who is economically and socially disadvantaged. The bill defines “economically and socially disadvantaged” as “individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.” It states that socially disadvantaged individuals include:
Who judges the Minority and Small Business Grant Applications?
The legislation creates a panel that will assign priorities and make an initial determination of which applicants meet the requirements. Once the panel has made determinations, they will award grants to applicants. This panel consists of:
How do I apply?
The panel members above, along with the Department of Administration, are tasked with creating and developing an application and establishing criteria for the evaluation of applications that is consistent with the requirements in the legislation. Visit accelerate.sc.gov/cares-act/applying-sc-cares-act-funds for application information.
Quality Business Solutions (QBS) offers an integrated solution to remove the weight of payroll administration from your plate, allowing you to focus your time and resources on growing your business.
Chamber investors receive exclusive pricing on payroll management services. The QBS secure online system provides you and your employees with access to vital payroll information allowing you to run reports, print W-2s and view pay stubs all in one place, any time.
Events Calendar
Business Directory
