Award Calculation

Overview: This document is to help potential applicants better understand how much their business could receive from the MN PROMISE Act grant program fund.

The application requires a business to submit two years of state and federal tax returns, either 2021 and 2022 or 2022 and 2023. The gross revenue of the earlier year of submitted returns will be used to determine overall program eligibility. The later year of submitted returns will be used to determine the award amount.

IMPORTANT: The chart below can help to provide an estimate of the award the business could receive. Use the formula at the bottom of the page to provide a more accurate estimate

Award Formula

Use the formula that aligns with your business’ gross annual revenue

TIER 1: Business with gross revenue up to $100,000.0
(Gross Annual Revenue x 0.10) = Grant Award

TIER 2: Business with gross revenue $100,000.01 - $350,000.00
(Gross Annual Revenue x 0.06) + 4000 = Grant Award

TIER 3: Business with gross revenue $350,000.01 - $750,000.00
(Gross Annual Revenue x 0.0625) + 3125 = Grant Award

Gross Revenue​ of up to $100,000: ​
May receive up to a​ $10,000 grant

Gross Revenue​ from $100,000 to $350,000:
May receive up to a​ $25,000 grant

Gross Revenue​ from $350,000 and above
May receive up to a​ $50,000 grant​