What are the requirements for the grant money, will I have to report anything after being approved?

Yes. If you are awarded a grant, you will sign a grant agreement that outlines your responsibilities. According to that agreement: 

• You must use the funds only for eligible business expenses such as payroll, rent, utilities, equipment, and other regular operating costs for your Minnesota-based business. You cannot use the funds for personal expenses, paying back taxes, purchasing land or buildings, or acquiring a business. 

• You are required to keep documentation of how the funds are spent. Upon request, you must provide this documentation to the administrator or the State within 10 business days. 

• You must return any funds that are not used for eligible business purposes. 

• You must participate in follow-up reporting. NDC may check in with you during or after the grant period to better understand the impact of this program. Participation in these follow-ups is required. 

• The grant is considered taxable income. As stated in the agreement, the funds may be subject to federal and state taxes and must be reported on your tax filings. 

Use of the funds for other purposes is prohibited and use for personal purposes constitutes embezzlement.