Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Small Business Support topic
No spam. Unsubscribe anytime.
EDC amends boost-grant application to accept bank statements for nine months of operation
Summary
The EDC voted to amend small-business boost grant application requirements so businesses that have been operating for nine months but lack a filed tax return may provide nine months of business bank statements (or profit-and-loss) as alternative documentation; staff will update the application packet.
EDC staff proposed and the board approved an amendment to the small-business boost grant eligibility documentation to address applicants who have been operating nine months but have not yet filed tax returns. Staff explained the change was aimed at businesses that meet the operating-period requirement but whose tax returns were not due yet.
The proposed language added an option allowing applicants, in lieu of a 2024–2025 income tax return, to submit one of the following as supporting documentation: a year-to-date or prior‑year profit‑and‑loss statement or business bank statements for a consecutive period. Board discussion focused on whether to require 3, 6, or 9 months of bank statements; the board agreed that nine months of bank statements showing activity would be an acceptable substitute for the tax return for applicants who fall into that timing gap.
Board members emphasized that sales-tax statements remain required where applicable and that the amendment aims to reduce the application barrier for otherwise qualifying businesses. Staff said it would make the redlined changes to page 60 of the application packet and return the updated materials on the next agenda.
