Small Business Stabilization Restore Grant Program expanded to cover up to $25,000 in one time winter storm related expenses for Cycle 5.
Deadline for Cycle 5 applications extended to Thurs, Feb 29, 2024.
The Small Business Stabilization Restore Grant Program will support Portland small businesses experiencing hardships resulting from the winter storm in January 2024. The Restore Grant Program can provide up to $25,000 in reimbursements to eligible small businesses or nonprofits located in the City of Portland for qualifying expenses related to the winter storm in January 2024.
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To be eligible, the applicant must be a person or entity that operates a small business or nonprofit with a brick-and-mortar presence or a food truck which maintains consistent hours of operation within the city of Portland. The business must have a customer storefront and cannot be placed on a residential lot. The following business criteria also apply:
Have been impacted by the winter storm in January 2024.
Restore Grant funds can be issued for the following expenses:
Revenue loss due to closure from January 12 to January 20, 2024 (up to $10,000)
Interior or exterior repairs due to the winter storm
Inventory loss costs due to the winter storm e.g. Spoiled inventory due to power outages
Equipment replacement (up to $5,000)
All Applications will be scored based on the following:
• Number of employees
• Annual Gross Revenue change from 2019-2022 (if applicable)
A limited amount of funds is available per grant cycle. Not all applicants will receive a Restore Grant. Prosper Portland will start notifying recipients of the Restore Grant no later than 14 days after the application window of this cycle closes.
Successful grant awardees will have 14 days from the grant award notification date to provide the following required documentation, dependent on which eligible expenses are to be reimbursed. If a business owner requires additional time to provide documents, Prosper Portland is able to grant extensions upon request. To receive Restore Grant funding, all expenses must be previously paid for and be accompanied by proof of payment, such as copies of the cancelled checks and/or copies of debit/credit card or bank statements.
All successful grant awardees will need to provide the following:
W-9 and ACH form for grant payment (provided)
Reimbursement Request Summary (provided)
Profit & Loss Statements for 2019-2023
State of Oregon and City of Portland Registration
If you requested Interior or Exterior Repair reimbursement, provide ALL:
Supplier invoices for eligible repairs
Proof of payment for completed repairs
Photographs of damage (Before and After repair)
If you requested Inventory Loss due to power outages reimbursement, provide:
Invoice(s) for any inventory lost due to the winter storm (December 2023 at the earliest)
Proof of payment for all inventory
If you requested Equipment Replacement reimbursement, provide:
Invoice(s) for any requested equipment installation
Proof of payment for all equipment
Photographs of equipment replacement
If you requested Revenue Loss due to reduced hours or closure reimbursement, provide:
Daily sales report for comparable recent weeks/months, supported by bank deposits and/or merchant services statements
Daily sales report for the dates closed due to the winter storm demonstrating reduced or zero revenue
Successful grant awardees requesting more than$10,000 will need to provide ALL of the following:
IRS forms for the latest tax return filed within the last 4 years (depending on the legal structure and tax classification):
Sole Proprietorship: Schedule C (Form 1040)
Partnership: Form 1065
S corporation: Form 1120S
C corporation: Form 1120
Profit and Loss Statement supporting the latest IRS forms submitted
Prosper Portland is committed to creating equitable opportunities throughout our community and economic development work. We embrace values of authentic inclusion, transparency, and collaboration, and we are directing this grant toward meeting the needs of those businesses that were most adversely impacted by the pandemic.
Frequently Asked Questions
How do I know if my business is eligible?Lisa Norwood2024-02-13T11:52:27-08:00
To be eligible, the applicant must be a person or entity that operates a small business or nonprofit with a brick-and-mortar presence or a food truck which maintains consistent hours of operation within the city of Portland. The following criteria also apply:
Have been impacted by the ice storm in January 2024.
Be located within Portland city limits.
Business must employ 3 or more employees (including full-time, part-time, and/or 1099 employees).
Business must have had a 2019 Annual Gross Revenue up to $3M.
Please note that this basic eligibility is not a guarantee to receive a grant award.
Does this grant support future costs of repairs for my business?Lisa Norwood2024-02-13T11:52:12-08:00
No, the expenses that the Small Business Stabilization Restore Grant can reimburse for must have been incurred in the past, backdated to January 2024 at the earliest. The Restore Grant cannot be used for expenses that have not yet occurred, or that cannot be accompanied by proof of payment.
Can I apply if I’ve received a Restore Grant in the past?Lisa Norwood2024-02-13T11:51:37-08:00
The Restore Grant Program supports Portland small businesses with expenses related to vandalism and break-ins such as security and prevention installations, insurance premium increases, interior repairs and inventory/equipment loss, with reimbursements up to $25,000 for eligible expenses.
The Small Business Stabilization Restore Grant Program will support Portland small businesses experiencing hardships resulting from the winter storm in January 2024 with up to $25,000 in reimbursements to eligible small businesses or nonprofits located in the City of Portland for qualifying expenses related to the winter storm in January 2024.