Federal Funding for Import Impacted Firms in the Southeast is Now Available through SETAAC!
Since 1974, when the Economic Development Administration (EDA) launched Trade Adjustment Assistance for Firms (TAAF), SETAAC (Southeastern Trade Adjustment Assistance Center) has helped firms develop and implement turnaround strategies as they adjust to import impact. We at Georgia Tech administer the program in the Southeast and are one of 11 National Trade Adjustment Assistance Centers (link to coverage map that is already on test site).
TAAF is a U.S. government program which provides up to $75,000 of matching federal funds for firms that have been hurt by import competition. This funding can be used to pay for half of your cost of business and engineering consulting services—giving a total of $150,000 for consulting costs when combined with your match (please note that funding levels vary based on firm size). (Link to 2B)
This program is available to any manufacturing firm headquartered in the U.S. that has experienced a decline in sales or production, and also an employment reduction (or a pending employment reduction), as a direct result of import competition.
If import competition has impacted your firm, SETAAC can help!
How to Apply
It is very easy to get started and find out if you would likely qualify for funding. In order to get started, please complete the following worksheets and return them to Lydia Lyons, our client development specialist, at email@example.com or via fax at 678-866-2487. The Pre-Qualification worksheet asks for your monthly net sales and employment numbers for the past 24 months. When completing this worksheet, please make sure that the numbers you report match your monthly income statements and your State Employer Quarterly Tax and Wage reports.
After submitting the two worksheets, we will ask you to start gathering supporting documentation that is needed in order to complete your petition. The supporting documents that we will ask for include:
- Balance sheets and income statements for the past two years,
- Copies of either your Federal 941 or State Employer Quarterly Tax and Wage reports for all 8 quarters covered under the petition period
- Copies of your two most recent tax returns (please note that these are kept on file in our office for auditing purposes only and do not accompany any paperwork that is sent to headquarters in Washington D.C.)
A common mistake made by potential applicants is to “self-disqualify.” There are varied ways to qualify and it is our job to help determine if your company is eligible. The only thing you need to do up front is to provide the information on the following two worksheets—we will do the rest.