The Mississippi Development Authority has launched the “Back to Business” website, which will soon accept grant applications from the state’s CARES ACT funds. The Mississippi Legislature created the program on May 14, 2020, with $300 million allocated for small business relief.
“We are working to quickly get out funds from the CARES Act to small businesses. We are launching a website today, which outlines eligibility requirements and paperwork to compile to get access to this grant program,” said Gov. Tate Reeves at a press briefing today. “The team at MDA is reviewing the competitive bids to administer these funds—those were due today—and should have all the details out by the evening. Then they can put out the application as soon as next week if all goes according to plans.”
While not yet accepting applications, the website does offer eligibility requirements and advises potential grantees on the paperwork they need to pull together once the application is posted. Visitors can also sign up to receive an email notification to let them know when applications are available.
Grants will be available to Mississippi small businesses with 50 or fewer employees (in most cases), with the first 21 days of the program designated for companies that have received no federal assistance so far via an Economic Injury Disaster Loan or Payroll Protection Program. $40 million of the program money will be set aside from minority-owned businesses that apply within the first 60 days.