It’s undeniable that the coronavirus pandemic has impacted Mississippi business owners in a variety of ways. At Bank of Commerce, we feel it is our responsibility to make customers aware of the various options available to them - even opportunities that are not accessible directly through the bank itself. The “Back to Business Mississippi Grant Program” is one such opportunity.
The Mississippi state legislature recently approved Senate Bill 2772, which provides $240 million in financial relief to Mississippi businesses through this grant program. The program went live on Thursday, June 11, at 12:00pm.
The Back to Business Mississippi Grant Program is administered by the Mississippi Development Authority (MDA) and provides grants between $1,500 and $25,000 to businesses with 50 or fewer employees.
Eligible expenses as part of this program include:
Other COVID-19-related expenses allowed by law, each for no more than a two-month period
Eligibility requirements for the Back to Business Mississippi Grant Program are below.
Must be a for-profit corporation, limited liability company, a partnership or a sole proprietorship
Was domestic as of March 1, 2020
Is in good standing with the Mississippi Secretary of State, if applicable
Suffered an interruption of business
Has a controlling interest owned by one or more Mississippi residents, whether individual resident citizens or Mississippi domestic business entities
Filed Mississippi taxes for tax year 2018 or 2019, or, for an eligible business formed on or after January 1, 2020, intends to file Mississippi taxes for tax year 2020, unless exempt under Section 27-7-29, Section 27-13-63 or other applicable provision of law
Has customers or employees coming to its physical premises, conducts business on customer premises, or has an owner who is an active participant in the day-to-day operations of the business
Had no more than 50 full-time equivalent (FTE) employees as of March 1, 2020
Is not a subsidiary of a business with more than 50 FTEs; is not part of a larger business enterprise with more than 50 FTEs and is not owned by a business with more than 50 FTEs
Does not exist for the purpose of advancing partisan political activities, does not directly lobby federal or state officials as provided in Sections 5-8-1 through 5-8-23, and has not employed or otherwise worked with a lobbyist as defined in Section 5-8-3 in any way at any point during 2020
Does not derive income from passive investments without active participation in business operations
Eligible businesses may apply by following the application process at backtobusinessms.org.
For the first 21 days of the program, the state will exclusively consider applications from businesses who did not receive relief funding as part of the Paycheck Protection Program (PPP).
Questions or concerns about the Back to Business Mississippi Grant Program may be directed to the Mississippi Development Authority by calling (601) 359-3449. For more information on Bank of Commerce, visit www.bankcom.com.