DE Relief Grants and HELP Loans Update
DE Relief Grants:
From the start of the DE Relief Grants program, one of the requirements has been that recipients need to have experienced a revenue decline in 2020 compared to 2019. If they claimed the grant but did not experience a revenue decline, they would have to pay back the grant with interest.
The Division of Small Business is announcing that this interest penalty will be waived if a business returns grant funds prior to Feb. 15.
If a business experienced a revenue increase in 2020 compared to 2019, it can return the funds prior to Feb. 15 without facing an interest penalty.
After Feb. 15, if a business is found to have experienced a revenue increase in 2020 compared to 2019, it will be required to repay the grant with interest.
If your business did experience a revenue decline in 2020 compared with 2019, you will not be required to repay the grant.
Note: This forgiveness program applies only to DE Relief Grants, not to the State of Delaware HELP loan program.
If you received a HELP loan in early 2020, your first round of payments may be due soon.
The Division has decided to defer these payments until a later date, meaning you will not be required to make a payment on an outstanding HELP loan until at least April 1, 2021.
Division of Small Business will continue to communicate as that date approaches to let you know when payments will begin.