The Town of Argyle Small Business Grant is a new program that will provide financial support in the form of grants to small business owners in Argyle that have been impacted by the pandemic.
Donor Name: Town of Argyle
State: Texas
Town: Argyle
Type of Grant: Grant
Deadline: 05/31/2023
Size of the Grant: $5,000 to $25,000
Details:
Funding Information
The grants will range from $5,000 to $25,000 to eligible small for-profit businesses. Maximum grant amount is based on annual revenue (gross receipts and sales) in 2020. The funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs.
Eligibility Criteria
To be eligible for this program, businesses must:
- Have annual gross sales between $15,000 and $2 million; gross revenues are based on Line 1 of Schedule C or Line 1a of 1120, 1120S, or 1065.
- Be located within the Town of Argyle.
- Have experienced negative impact on operations due to the pandemic; “Negative impact” is defined as a 15% decrease in gross sales between 2019 and 2020 (Line 1 of Schedule C or Line 1a of 1120, 1120S, or 1065) or a 25% increase in expenses between 2019 and 2020 (Line 28 of Schedule C or Line 1a of 1120, 1120S, or Line 21 of 1065). Other methods may be used if additional documentation is requested.
- Have been in operation before December 30, 2019 and currently operational; “Operational” is defined as a positive amount of gross receipts or sales on the 2019 tax return (Line 1 of Schedule C or Line 1a of 1120, 1120S, or 1065) or a bank statement prior to April 2020 showing business activity generated sales deposits.
- Have at least one employee (W2) and no more than 50 FTEs (W2 and 1099) employees
- Be in good standing with Texas Comptroller’s office.
The following limitations apply:
- Applicants are eligible to receive only one grant award
- Only one grant may be awarded per business with more than one location
- Limited to one grant per physical address within the Town of Argyle
For more information, visit Small Business Grant.