Island businesses are eligible to apply to receive between $5,000 and $10,000 in the COVID recovery business grants program created by the City of Bainbridge Island. The Kitsap Economic Development Alliance (KEDA) will be administering the COBI business grant applications. A total of $200,000 has been allocated.
To help get your application ducks in a row, KEDA is offering a free webinar about the grant tomorrow, Wednesday, March 10 from 2 – 3 pm. It’s a golden opportunity to ask questions and learn if your business is eligible.
Priority will be given to industries most negatively affected by the pandemic, such as hospitality, tourism, fitness, and small local retailers.
Eligible COVID-19 impacts will be determined by a comparison of Q2-Q4 Gross Revenues in 2019 and 2020. Good luck!
Basic Information About COBI Business Grant Applications
Application period: Friday, March 12, 2021–Sunday, March 28, 2021 via online application form
- Use of proceeds: If awarded, grant proceeds can be used for business expenses permitted under IRS regulations.
- All applications will be reviewed for eligibility criteria and verified for application requirements.
- Grant amounts will be based on financial impact from COVID-19, number of eligible applicants, available funding, and other criteria.
- Applicants will be required to provide a detailed explanation describing how COVID-19 impacted them negatively and how grant funds will be used. Applicants are not required to submit receipts.
- Receipt of other grants and government support – such as EIDL/EIDG and PPP – will not disqualify applicants.
Eligibility
- Must have an active business license with the City of Bainbridge.
- Have a physical, commercial location in the City of Bainbridge on or before March 1, 2020.
- Be a for-profit business, nonprofit, or financial cooperative with no more than 50 full-time equivalent employees and annual revenues $5 million or less.
- Ability to demonstrate significant negative financial impact due to COVID-19, backed up by documentation. (Note: Most commonly this will be shown by comparing annual revenues from 2019 to 2020, though other justifications will be considered. Applicants will be required to upload Profit and Loss statements for the grant impact period: 2020 Q2-Q4 and2019 Q2-Q4 for comparison.)
- Be in compliance with Governor Inslee’s Healthy Washington guidelines and previous related guidelines.
Attestation and Required Documentation
Applicants will self-attest by signature that the answer to both of the following questions is “YES”:
- You would not be seeking this grant IF you had NOT been negatively impacted by COVID-19; and
- Grant funds, if awarded, will help your business remain in operation and mitigate negative financial impact from COVID-19.
Required Documents
- Application (via online portal)
- Bainbridge Island business license
- Washington UBI Number
- Completed and signed IRS FormW9
- Documentation showing significant negative financial impact from COVID-19 as demonstrated by Profit & Loss Statements (2019 Q2-Q-4 and 2020 Q2-Q4)
ALL receipts and documents related to this grant (if awarded) MUST be kept for potential follow-up or review for six (6) years
More Information:
Full Grant Information: https://www.kitsapcaressmallbiz.com/bainbridge
Register for webinar: http://kitsapeda.me/bainbridgeSB
Application Portal: http://kitsapeda.me/ApplyCOBI
W9 IRS Form: https://www.irs.gov/pub/irs-pdf/fw9.pdf
WA Dept Of Revenue 4-Digit Location Code: https://webgis.dor.wa.gov/taxratelookup/SalesTax.aspx