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2 <br /> <br />1. Businesses that do not have a physical address within the City. <br />2. Businesses that derive income from passive investments without operational ties to <br />operating businesses within the City; real estate transactions; property rentals or property <br />management. <br />3. Businesses that primarily focus in on speculative activities based on fluctuations in price <br />rather than the normal course of trade. <br />4. Businesses that primarily generate income from gambling activities. <br />5. Businesses that engage in activities prohibited by law. <br />6. Businesses that have no current or historical financial statements. <br />7. Businesses that earn revenue from pyramid schemes, lending services and/or day <br />trading/short term investments. <br />8. Businesses that previously received emergency funds from the city during the current <br />round of funding. <br />Program Guidelines <br />The Small Business Emergency Assistance Grant has the following terms and conditions: <br />1. Amount: Businesses may apply for a one-time emergency grant of up to $5,000. Applicants <br />should apply for the total amount that they can safely guarantee will be used for the eligible <br />uses found in paragraph 3, below even if the amount exceeds $5,000, in the event a future <br />round of funding is considered. <br />2. Term: All grant awards must be utilized by November 15, 2020. <br />3. General Grant Uses: Awarded funds may be used exclusively for operating expense <br />purposes, defined as current payroll obligations (i.e. may not include employees who have <br />been laid off), lease or mortgage payments, utilities, accounts payable, and other critical <br />business expenses that can’t be paid as a direct result of the current health emergency. <br />Awarded funds may not be used for business owner’s/manager’s personal uses or expenses. <br />4. Proof of Need: All applicants must demonstrate financial need for grant funds prior to <br />approval. This includes but is not limited to the previous year’s annual gross revenue, <br />average monthly gross revenue prior to COVID-19, and projected monthly gross revenue <br />for the next three months. Additionally, applicants are encouraged, but not required to <br />provide evidence of application submittal, acceptance, approval and/or denial of state and <br />federal emergency financing programs. This could simply include an email response from <br />these agencies. <br />5. Proof of Expenses: Applicant shall provide proof of eligible expense(s) requested to be <br />paid with grant funds. <br />6. Reporting: As a condition for receiving grant funding, all grant recipients are required to <br />submit a Certification of Expenses form to the City upon funds being issued or before <br />November 30, 2020 specifying how the entirety of the grant funds were utilized.