Memo – About The Monmouth County Cares Act Economic Assistance Grant

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IMPORTANT NOTE: These grants ARE taxable income. 

Middlesex County NJ Businesses Click Here http://www.middlesexcountynj.gov/Government/Departments/BDE/Pages/COVID19-CDBG-for-Small-Business.aspx

Ocean County Businesses Click Here https://forms.business.nj.gov/grant-2/

The Monmouth County New Jersey Board of Chosen Freeholders has dedicated $10 million of its allocated CARES funding to support our communities’ small businesses and nonprofit organizations as they struggle to provide residents and visitors with their essential and exceptional goods and services during these unprecedented times.

Freeholder Director Tom Arnone continues to champion this program on behalf of the Board of Chosen Freeholders, “Small businesses and nonprofit organizations are the economic backbone of our community. Taking this extraordinary measure to provide them with direct financial assistance demonstrates Monmouth County’s commitment to help ensure their short-term survival, recovery, and ultimate success.”

The Monmouth County CARES Economic Assistance Grant Program provides financial support up to $10,000 for those qualifying businesses, business owners, and nonprofits that do not exceed $5 million in annual gross revenue and have experienced costly interruptions as a result of the Coronavirus pandemic.

Program Guidelines

In order to qualify for a Monmouth County CARES Economic Assistance Grant, applicants must meet the following criteria:

For Small Businesses/Business Owners

• Physically located in Monmouth County since January 1, 2019 or earlier
• Negatively impacted by the COVID-19 pandemic
• $5 million or less in gross revenue
• 50 or fewer full time equivalent (FTE) employees including the owner as of March 1, 2020
• It should be noted that banking, educational, governmental and medical service providers are not eligible for the grant program at this time.

Also, businesses must not operate in the following categories:

• “Adult” oriented entertainment, goods, and services
• Vape and head shops
• Other types of business establishments may be categorized as ineligible upon application review

For Nonprofit Organizations

• Physically located in Monmouth County since January 1, 2019 or earlier
• Provides a public service to beneficiaries residing in Monmouth County
• Negatively impacted by the COVID-19 pandemic
• Registered with the IRS as a 501(c)3, 501(c)4, 501(c)6 limited to local and regional chambers of commerce, or 501(c)19
• May be a local affiliate of a larger state or national service organization

How to Apply:

Online applications will be available here http://www.monmouthcountycares.com/ starting on Monday, August 3, 2020 @ 8 am.

What you need to apply:

Before the online application process opens on Monday, August 3, 2020 at 8 a.m., all applicants should be prepared to submit the following information electronically through the application portal on the website:

• TIN/EIN – This is your Tax Identification or Employee Identification Number. If a Sole Proprietorship without employees, you will need your social security number
• Legal Business Name
• DBA – Doing Business As (if applicable)
• Business Contact Information (contact name, organizational role, email address, phone number, and business address)
• NAICS Code of the Business: North American Industry Classification System (an online list will be provided)
• Tax Returns: Fiscal years 2018 and 2019
• Business Banking Information: routing and checking numbers
• Itemized list of eligible costs for reimbursement

Eligible Reimbursable Expenses

Goods and supplies that were not part of the company’s sellable merchandise:

• Personal Protective Equipment (PPE) – For customers and employees
• Personal sanitization supplies
• Disinfection and specialized cleaning supplies
• Protective barriers & installation – Plexiglas walls
• Social distancing markers – tape and signs indicating 6 foot distances/arrows for aisles
• Testing equipment and supplies including temperature check equipment

Technology costs of converting in-person business operations:

• New/additional merchant payment services
• Costs of website enhancements for interactive showrooms/storerooms
• Temporary technology to establish teleworking capabilities

Cost to deliver or ship goods to customers

      Inventory write-downs – (i.e. spoiled food or expired, damaged, obsolete goods)

      Personnel Costs:

• Employee training expense to ensure compliance with state and federal CDC guidelines for reopening
• Payroll costs, costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
• Temporary staffing services to fill-in for staff on leave

Property Expenses (While business was closed):

• Rent Expense
• Utility payments
• Security services and equipment

 Establishment of Temporary Sites and Conversion to Facilities:

• Construction & Materials – If a business had to build anything new (i.e. – patio, moving counters, etc.) to comply with social distancing regulations
• Fixtures/equipment – updated sanitation devices (air cleaners), sanitation devices (like hand held steamers or whatever is approved)
• Furniture –  expenses related to investing in scope of business change (i.e. – restaurant buying outdoor tables/tents/lighting)

Program Restrictions

• Funding cannot be used for reimbursements already made under other state and federal assistance programs (No Supplanted Funding)

Application Process

• Upon receipt of the application and required information each application will be reviewed for completeness and eligibility
• Applications are on a first come, first serve basis
• Applicants will be notified if their application is incomplete
• Applicants will be allowed seven days from the incomplete notification to resubmit missing or incomplete information in order to hold their place in the submission process
• Upon resubmission, if the application information is still missing or incomplete, a new application will be required and accepted in the order it was received.

For more news and reporting on the loan and stimulus tax programs related to the Coronavirus, please visit my Coronavirus blog page here.  

https://www.chriswhalencpa.com/category/coronavirus-related/

Questions? Concerns? Call me on (732) 673-0510.

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Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

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