Two Different Mississippi Grants ...
There are Two different grants from the State of Mississippi. One is from “Back to Business Mississippi” and the other is from the “Department of Revenue”.
For the Back to Business grant you must apply online. The Department of Revenue grant is automatically sent to certain small businesses based on NAICS codes.
How do these grants work? Let’s start with the Back to Business Mississippi grant. To get this grant you have to apply at www.backtobusinessms.org. The eligibility requirements are:
1. Must be a for-profit corporation, limited liability company, a partnership or a sole proprietorship.
2. Was domestic as of March 1, 2020. (i.e. Mississippi company).
3. Is in good standing with the Mississippi Secretary of State, if applicable.
4. Suffered an interruption of business.
5. Has a controlling interest owned by one or more Mississippi residents, whether individual resident citizen or Mississippi domestic business entities.
6. Filed Mississippi taxes for tax year 2018 or 2019, or, for an eligible business formed on or after January 1, 2020, intends to file Mississippi taxes for tax year 2020, unless exempt under Section 27-7-29, Section 27-13-63 or other applicable provision of law.
7. Has customers or employees coming to its physical premises, conducts business on customer premises, or has an owner who is an active participant in the day-to-day operations of the business.
8. Had no more than 50 full-time employees as of March 1, 2020.
9. Is not a subsidiary of a business with more than 50 full time employees; is not part of a larger business enterprise with more than 50 full time employees and is not owned by a business with more that 50 full time employees.
10. Does not exist for the purpose of advancing partisan political activities, does not directly lobby federal or state officials as provided in Sections 5-8-1 through 5-8-23 and has not employed or otherwise worked with a lobbyist as defined in Section 5-8-3 in any way during 2020.
11. Does not derive income from passive investments without active participation in business operations.
So there you have it for Back to Business Mississippi grant. If you need any help with this feel free to call 662-842-3282. Ask for Ronnie.
Mississippi Department of Revenue Grant:
The Mississippi Department of Revenue has their own grant for $2,000.00 but it’s only available to certain industries. Here’s the Departments criteria.
Who is eligible for the Payment?
Eligible taxpayers must be a Mississippi resident or have a permanent permitted location in the state prior to March 1, 2020. Must also have 50 or fewer employees and have an active sales or withholding account with the Department of Revenue. Taxpayer also must have filed income tax returns in 2018, 2019 or intends to file for 2020.
The business must have also been subject to a Covid 19 related state, municipal and/or county required business closure. The taxpayer must be in one of the following industries:
NACIS Code Business Description
4421 Furniture Stores
4422 Home Furnishings
4481 Clothing Stores
4482 Shoe Stores
4483 Jewelry, Luggage and Leather Goods
4511 Sporting Goods, Hobby and Music Instrument
4512 Book Stores and News Dealers
4531 Florist
4532 Office Supplies and Gift Stores
4533 Used Merchandise Stores
4539 Other Miscellaneous Retail Stores
5121 Motion Pictures and Video Industries
6116 Schools and Instruction – Dance and Gym
6224 Child Daycare Services
7111 Performing Arts Companies – Dance Companies
7112 Spectator Sports
7131 Amusement Parks and Arcades
7139 Amusement and Recreation
7225 Restaurants
8121 Personal Care – Salons and Barbers
How Do I Apply?
Businesses/individuals DO NOT need to take any action to receive the $2,000.00 payment. The Department of Revenue will issue the payments to eligible business bases on tax returns filed with our office and other information verified by other state agencies.
Self employed individuals are eligible for the relief payment as long as they are in the provided categories and have properly reported on their income tax returns. Each eligible business will receive a $2,000.00 payment. The Depart of Revenue will mail checks to the mailing address on the taxpayer’s account. The checks will be issued the week of June 1, 2020.
If you believe you are eligible but did not receive a payment should email the Department by clicking here . You will need to provide the business name, account number and the reason that you believe you meet all of the criteria to be eligible for payment.
Businesses not n the listed industry codes DO NOT qualify for the relief payment.
If you have any questions or Tax Pro USA can help you in some way, please email me here.
Ronnie Keith is a founding member of Tax Pro USA and has been preparing taxes in Tupelo Mississippi since 1992 along with his wife Sonya Keith. Our combined experience can help you with any tax issues you may have including liens and other IRS issues. Contact Me Here.