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.

• If your business was in operation in 2021: Submit your 2021 tax returns for eligibility verification.

• If your business was not in operation in 2021: Submit the tax return for the year closest to 2021 (e.g., 2022 or 2023).

*Changes will occur according to the State of Minnesota as the PROMISE Act program progresses.

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.

Grants are reviewed and awarded based on eligibility, preference level, and randomization. NO ELIGIBLE APPLICANT IS GUARANTEED TO RECEIVE A GRANT.

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​