MN PROMISE Act – Round 2 Applications

To be eligible for the MN PROMISE Act businesses must be:

• Registered with the Minnesota Secretary of State, if required by Minnesota State Law
  • Sole proprietors operating their business under their own name do not need to be registered with the Secretary of State
• Located in an eligible area of Minneapolis and Saint Paul.
  • Click here to view the eligibility map. 
• At least 50% of the business’s employees are based in Minnesota.  
• You must have filed your 2024 tax return
  • OR you must have officially filed for a tax extension for the most recent tax year (e.g., IRS Form 7004). 
• Your gross annual revenue must be $750,000 or less in your most recently completed tax year. 
• Your business must be actively operating at the time of application 
• You must not have received a grant from the MN PROMISE Act in Round 1. 

If your business is home-based or online, you must have also:

• Claimed and been allowed by the federal IRS a deduction for expenses related to the use of your home for business purposes under Section 280A(c)(1) of the Internal Revenue Code.

If your business is a Nonprofit Corporation, you must also: 

• Meet one of the listed criteria:
  • Definition A: Your organization earns 30% or more of its revenue on an ongoing basis through a non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses. 
  • Definition B: Your organization earns 10% or more of its revenue on an ongoing basis through a non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses AND demonstrate it maintain ongoing customer-facing operations at a permanent physical location at which some of those sales take place. 
• AND be able to upload your IRS Form 990 or 990-EZ (Note: Postcard is not accepted).