Mississippi received $1.25 billion in CARES Act funds from the federal government and the Mississippi Legislature allocated $20 million of those funds to be distributed to Mississippi’s rental businesses through the Rental Assistance Grant Program.
The Mississippi Development Authority will award the grants until the funds are exhausted or until December 14, 2020.
Here is a list of what you will need to apply:
- Business name as legally formed (if applicable)
- DBA or tradename (if applicable)
- Type of business entity (that is, a for-profit corporation, a not-for-profit corporation, a limited liability company, a partnership, or a sole proprietorship)
- Type of rental business engaged in by the Applicant (residential or commercial)
- Taxpayer Identification Number (EIN or SSN, as applicable, consistent with the taxpayer identification number used to file taxes)
- Business address
- Business phone number
- Email address
- Name of primary contact
- A Mississippi tax return filed for the Eligible Rental Business for 2018 and/or 2019. Those entities that do not file tax returns in the name of the Eligible Business (e.g. single-member LLCs, sole proprietorships, and certain partnerships) will submit the Schedule C or Schedule E to the appropriate individual tax return. If the Eligible Rental Business formed on or after January 1, 2020, a return will not be required. Also, MDA, in its discretion, may approve Applicants who did not submit a tax return if the Mississippi Department of Revenue has confirmed that the Applicant filed a tax return in 2018 or 2019 and MDA determines it has enough information to approve the Application. The failure to include the tax identification number consistent with the appropriate tax filing may result in delay or denial of the Application
- The address of the dwelling unit, commercial building, or the building of which it is a part of the State of Mississippi which is the subject of the Rental Agreement for which the Application is being made
- The name of the Tenant who entered into the Rental Agreement for which the Application is being made
- The dates for the term of the Rental Agreement
- The amount due from the Tenant on a monthly basis under the Rental Agreement
- Designation and/or description of the nature of Business Disruption (that is, the basis for the Tenant’s failure to pay the rent under the Rental Agreement)
- The total amount of Lost Rental Income
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