This week, a new relief grant program was launched in Bexar County for small and micro businesses. In a joint effort with LiftFund, a community-based lender, business owners are encouraged to apply for $6.5 million in grants through this new federally-funded program. Developed as the “Bexar County Small & Micro Business COVID-19 Relief Grant Program”, business owners will have until June 19th to apply for these relief funds.
Business Criteria
Unlike the national SBA Paycheck Protection Program, these emergency funds are not based off a first come first serve basis. All applications submitted before the deadline will be reviewed based on the stated and verified business information in their application including the following:
- Has annual gross revenues of not more than $1 million from all business activities
- Has not received a Bexar County grant/loan previously
- Is located in and will remain in Bexar County
- Demonstrates a loss of at least 15% of revenue in the period beginning March 12, 2020
Eligible business applicants will include, but are not limited to, local non-profits and sole proprietors. However, the following professional service businesses are not included: physicians, clinics, dentists, attorneys, engineers, architects, insurance agencies, vacation and long-term rentals and sexually oriented businesses.
Supportive Documentation
If your business meets the application criteria, you will need to submit the following documentation for review:
- Business entity formation document
- January – April business bank statements
- Payroll documentation with employee listing/count and IRS Form 941 for 2019 and Q1/Q2 2020
- Business tax return (2018 tax return acceptable) to determine business revenue
- Driver’s license
- Proof of business location
Available Grants
Once your application has been reviewed and approved, you will be eligible for one of the following grant amounts:
- Up to $10,000 for microbusiness (1-5 full time employees)
- Up to $25,000 for small businesses (6-10 full time employees)
How to Apply
Applications must be submitted online before 5:00PM CST on Friday, June 19th, 2020. Grants will be awarded starting June 29th through December 30th. You can submit your application here.
Not in Bexar County?
LiftFund supports businesses across 13 states. Check their website to see if they offer grants in your community. Also, check with your local Chamber of Commerce to see what type of additional loan and grant opportunities may be available to you at a local level.
ATKG is Here for You
As we all learn how to navigate through these challenging times, ATKG is committed to keeping you informed with the latest updates. Please contact your ATKG advisor with questions or concerns you may have. For the latest financial news related to COVID-19, please visit ATKG’s Coronavirus Newsroom.
Kristina Dravisis a tax professional for ATKG. She graduated Cum Laude from The University of Texas at San Antonio with a double major Bachelor of Business Administration in Accounting and Finance. Kristina begin her ATKG career as an intern in 2016.
For further information on this topic or other tax questions please contact your ATKG tax advisor at 210.733.6611 or info@atkgcpa.com.
