Grant amounts are determined by two factors:
- The rent, lease, or mortgage payments that a business makes for its building. The grant amount will never be more than the amount of these payments.
- A calculation based on revenue decline combined with the number and type of jobs created by the business. See below for the calculation.
Grant Amount Calculation: The Grant Amount is equal to (the Base Grant Amount plus Wage Bonus) multiplied by (the number of new FTEs).
Base Grant Amount: The base grant amount is determined by the revenue decline from 2019 to 2020, as follows:
Revenue decline Base grant amount
Less than 20%: $10,000
20% to less than 40%: $12,000
40% to less than 60%: $14,000
60% to less than 80%: $16,000
80% and higher: $18,000
Businesses that pay a higher average wage for their new FTEs are eligible for wage bonuses as follows:
Average wage of over $13/hr: $1,000 bonus Average wage of over $17/hr: $2,000 bonus
Definition of FTE
FTE means “full-time-equivalent” employee, which is an employee that works 40 hours per week. An employee that works less than 40 hours per week can be considered a percentage of an FTE. For example, an employee that works 20 hours per week is a 0.5 FTE; an employee that works 10 hours per week is a .25 FTE, etc.
The application will calculate the amount based on the information you submit.
What is the maximum grant amount a business can be awarded?
- The maximum total grant award is $100,000. The maximum distribution per quarter is $25,000.
- The grant amounts paid to a business can’t be greater than amount of rent, lease, or mortgage payments for the business.
Should tips and commissions be included in the average wage?
If the tips and commissions are included in your payroll reports, they should be included in the hourly wage calculation. If they are not in your payroll reports, they should not be included.