St. Pete announces Fighting Chance Fund for small businesses

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This morning, Deputy Mayor Kanika Tomalin announced the Fighting Chance Fund. This initiative will provide vital relief to businesses all over the ‘Burg.

The fund is expected to provide critical support to about 1,000 restaurant, bar, retail, and service-based businesses and their more than 3,000 eligible employees. The City’s goal is to help offset the significant, temporary loss of revenue during this global pandemic.

No payback is required on the grant. However, funds are to only be used for approved/eligible uses. These grants may be considered taxable income, so please contact your financial advisor for guidance.

To receive funding through this program, each business will be required to clearly articulate a plan for utilizing city funds for an eligible use including: commercial rent or mortgage payments, utilities, payroll, retention of employees, or employee support programs.

There is no deadline to apply. The City has allocated $6.8 million for this fund and applications will be accepted until funds are exhausted.

This is a City program that provides grants (not loans) in the form of $5,000 to impacted eligible businesses* and $500 to impacted eligible individuals.

Those interested in donating to this fund can follow this link.

Here’s who is eligible and how to apply, according the city’s website:

Applicants must meet the below criteria:

  • Local owned and independently operated
  • Physically established in the city of St. Petersburg
  • Must be operating within the defined impacted eligible industries*
  • Have 25 employees or fewer
  • Affirm a loss of revenue due to COVID-19
  • Must be able to demonstrate working capital for business operations as of February 28, 2020 (as demonstrated in the Balance Sheet or other documentation deemed acceptable by the City)

Business applicants must include the following:

  • Copy of state business license from Florida Division of Corporations
  • Business Financials
    • Sole Proprietors
      • Schedule C
      • Most recent Annual or Quarterly Balance Sheet or Profit & Loss Statement
    • All other ownership types
      • Most recent Federal Corporate Income Tax Return (Form 1120S)
      • Most recent Annual or Quarterly Balance Sheet or Profit & Loss Statement
  • Current St. Petersburg Business Tax Receipt
  • Copy of Driver’s License, state id, school id (with photo), voter registration, or passport
  • Full employee list (as of January 31, 2020 and March 31, 2020)
  • Copy of most recent St. Petersburg Utility Bill statement
    • If applicant does not pay Utility Bill, provide current General Liability Insurance Policy. (ACCORD form or other acceptable form showing commercial address)
IMPACTED ELIGIBLE INDIVIDUALS

Applicants must meet the below requirements:

  • Currently or formerly an employee at a local owned and independently operated small business physically located in the city of St. Petersburg with 25 employees or fewer
  • Be an employee residing in St. Pete
  • Terminated, furloughed or experienced a salary reduction of at least 50% after March 17, 2020
  • Must be/have been an employee of a business operating within the defined impacted eligible industries*

Individual applicants must include the following:

  • Copy of Driver’s License, state id, school id (with photo), voter registration, or passport
  • Copy of your pay stubs from March 1, 2020 to the present
  • Termination Letter (if available)

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Written by Andrew Harlan

Andrew Harlan

Andrew Harlan is the Editor of ilovetheburg.com. Follow him on Twitter @harlanyoungII and Instagram @harlanyoung. Send tips and potential stories to info@ilovetheburg.com.