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Small Business Grants Mississippi 2022

Small Business Grants Mississippi 2022 – In the late summer of 2020, Kate Rawson feared losing her small business during the pandemic, and like thousands of others, she applied for Mississippi’s COVID-19 Back to Business Grant — up to $25,000 to help small businesses get going.

But seven weeks after applying, Rosen was contacted online and received information about the application despite calling and submitting the application. When the college advertising and direct marketing business went out of business, he had to lay off employees. They’re in the same boat talking to many of the neighborhood businesses in Oxford. Some had to close their doors forever.

Small Business Grants Mississippi 2022

Small Business Grants Mississippi 2022

Rosen finally received her grant — the amount will not be disclosed, but she said it was not the full $25,000 — but not until mid-October, months after she applied for emergency aid to provide immediate relief to the minor. Backlash Sales.

Community And Rural Development

Rosen’s company survived. Business is moving forward, but still struggling. He knows many small businesses who, fed up with bureaucracy, have given up emergency assistance or taken less money. Sadly, he reveals the names of many businesses, large and small, in his college town that did not survive the end of the pandemic. And, he says, “it still happens constantly.”

When Mississippi received $1.25 billion in federal CARE Act pandemic relief, one of the first things lawmakers did besides fight Govt. Tate Reeves is giving $300 million in emergency aid to small businesses for those with spending power.

But only about half of that money has been spent, according to Mississippi Today’s poll of public records. The rest was directed to other epidemic programs such as rent subsidies, aid to hospitals and veterans, and most went to unemployment insurance funds.

Business grants have helped thousands of small businesses, eventually. Lawmakers said they were in uncharted waters on the program and under deadlines set by Congress to spend the money. Other problems include thousands of businesses not paying their taxes on time — a perennial problem in Mississippi. The Mississippi Development Authority, which administers the largest aid program, requested approval to increase its operating budget from $900,000 to $3.6 million to make it faster and more efficient. Lawmakers rejected the proposal.

Minority And Small Business

“The Back to Business program has helped thousands of small businesses affected by the pandemic, such as retailers and restaurants, stay on track,” Lt. Govt. Delbert Hosman. “Some of the businesses that applied did not meet basic requirements such as filing taxes on time. Those who met the requirements received the support they needed.”

Sen. Derrick Simmons, D-Greenville, said he has received many complaints from business owners, “who are frustrated with the process and unfortunately in some cases have lost their businesses.”

“I think it’s a big failure,” Simmons said. “I am very concerned about the number of businesses that have closed and not reopened.”

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Small Business Grants Mississippi 2022

House Speaker Philip Gunn — whose House-led team supported business spending and spent millions more than the Senate approved — did not respond to a request for comment.

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In late summer 2020, as business owners complained about funding difficulties, an analysis by the HOPE Policy Institute found that Mississippi lagged behind southern states in sending CARES Act funds to small businesses. Lawmakers met again and changed the program to speed up the process and allow more businesses to qualify.

“First of all, there’s no playbook for anything like this,” said Senate Finance Chairman Josh Harkins, R-Flowood, who supported changes to the program to make it faster and more accessible. “We had to change on the fly, and we didn’t have a lot of time to do it … After the first attack, I didn’t hear a lot of frustration from the company, but I did hear some. A. Some thanks.

“We didn’t know how much to supply, we didn’t want to catch too little, but we didn’t want to give up,” Harkins said. “We wanted to make sure people were qualified, but we didn’t want the inspector general to come back saying it was abused…there was no playbook.

Harkins noted that since Congress set a long deadline of Dec. 31, 2020, for the use of CARES Act funds, lawmakers “all agreed” that unused funds would go into an unemployment insurance fund depleted by unemployment. what to say A big drop in the unemployment fund could cause insurance premiums for businesses to rise, and sweeping unused CARES Act funds into the account would also help small businesses, Harkins said. Congress later abandoned the CARES Act, but it was past the eleventh hour when state lawmakers passed the bill and suspended its passage.

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The unemployment fund was at $706 million during the epidemic, and now it has risen to $560 million after the introduction of $400 million and the CARES Act sweep. No major expansion is imminent for Mississippi businesses.

There are no readily available figures on the number of small businesses in Mississippi that have permanently closed from the pandemic, but at its peak, unemployment reached 16%, compared to 5.5% before the pandemic. As of March, despite the strong recovery, the state’s employment rate was down nearly 3% from a year earlier, and the unemployment rate was 6.3%.

Other states, including our neighbors in the Deep South, have tried to help small businesses by using money from federal CARES Act funds.

Small Business Grants Mississippi 2022

Mississippi’s two programs spent $151 million and awarded grants (mostly $3,500 or $2,000 each) to 37,817 businesses. Total cost averaged $5,570 each.

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Alabama had several programs to support small, nonprofit agribusinesses. Its largest small business programs, “Revive Alabama” and the subsequent “Revive Plus,” provided more than $303 million in funding to 19,141 businesses — an average of $15,860 per grant.

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Louisiana, with its “Main Street” small business financing program, spent $262 million in grants (plus another $7 million in contracts to manage), awarding grants to 20,700 businesses at an average cost of $12,600 per grant. The government had received more than 40,800 applications.

Tennessee earmarked $200 million for the Tennessee Business Relief Program and another $50 million for the Supplemental Employer Recovery Grant, or $50 million for the SERG program and $50 million for agriculture and forestry businesses. Numbers for the amount paid by the programs are not readily available.

Arkansas awarded $129 million in “Open for Business” grants and another $50 million to help disrupt tourism businesses run by its Parks and Tourism Department.

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Rawson said getting his business back on track after the worst of the pandemic has been “like starting a new business” and he’s grateful for Back to Business’ support.

Rawson said CARES Act money intended for small businesses — including paying more than it did — would have gone to provide more support to businesses that are still struggling.

“I’m not talking about putting money into the public purse, but about putting more money into businesses — not into unemployment insurance,” Rawson said. “… We have a lot of space to rent in Oxford city center on the Square. Take the money and give commercial incubators, let the incubator businesses come in and give six months’ free rent – I’m out of ideas.”

Small Business Grants Mississippi 2022

Overall, Rawson said he gives the program low marks, describing long hours on the phone, “getting out of the system” and the months it took to get support back in business.

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“I would say to the average person, the average business owner, it hasn’t gone well,” Rawson said. “… It would have gone well. They would have raised $240 million.”

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CARES Act funds are intended to support Mississippi businesses. Have you?

It’s been a year since Kate Rawson feared losing her small business during the pandemic. summer

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