The second round of PROMISE Act grants is expected to open in mid-September 2024, with an application window that will remain open for at least 30 days. This program is designed to provide financial assistance to small businesses and certain nonprofits in Minnesota that have been adversely affected by economic hardships. Eligible applicants include those with annual gross revenues under $750,000 and a demonstrated decline in gross revenue or net profit between 2021 and 2022. Priority will be given to businesses that meet these criteria, and the grants aim to support both metro and greater Minnesota regions, including specific neighborhoods in Minneapolis and Saint Paul.

Applicants from the first round will be notified by email when the second round opens, and new applicants are encouraged to sign up for the organization's e-newsletter for notifications. This round continues to focus on businesses with substantial revenue impacts and nonprofits that operate in a business-like manner, earning at least 10% of their revenue through non-tax-deductible means.