More News

The City of La Grange’s Office of Community Development is committed to providing you information and resources to assist you during this current unprecedented situation. As we weather the coronavirus pandemic, we know both individuals and businesses are seeing economic impacts. We want to let you know that we're here, we're open, and we're ready to support you. Out of an abundance of caution for the health of both our staff and visitors, city leadership has closed our building (the Historic Casino Call) to the public but we continue to provide services by email and by phone.

UPDATE: March 27, 2020 - 

Here are some additional resources that came out this week:

Update on Texas Resources & Other Services for Individuals and Small Businesses
Economic Development & Tourism staff and community partners are closely monitoring the situation and following the advice of health officials and government agencies.
https://gov.texas.gov/business/page/coronavirus 

House Sends $2 trillion Coronavirus Rescue Package to President
A historic $2 trillion economic recovery package will be sent to the president's desk for signature after House lawmakers passed the bipartisan bill Friday afternoon. The legislation, known as the CARES Act, is the third aid package from Congress during the growing coronavirus pandemic. This relief package includes direct payments to Americans, an aggressive expansion of unemployment insurance and billions in business loans and aid to hospitals.
https://www.npr.org/2020/03/27/822062909/house-aims-to-send-2-trillion-rescue-package-to-president-to-stem-coronavirus-cr
For more details on assistance to small businesses:
https://ntcic.com/news-blog/federal-stimulus-small-business-support/

$1 Million Grant Program to Aid Women’s Businesses Hurt by COVID-19 - News & Events - Texas Woman's University
Women-owned small businesses in Texas suffering financial losses associated with the coronavirus pandemic were thrown a lifeline today after the Center for Women Entrepreneurs at Texas Woman’s University announced a million-dollar grant program to help get them back on their feet.
https://twu.edu/news-events/news/1-million-grant-program-to-aid-womens-businesses-hurt-by-covid-19/

Facebook Provides Small Business Grants Program
Facebook is offering $100 million in cash grants and ad credits to small businesses experiencing disruptions resulting from the global outbreak of COVID-19.
https://www.facebook.com/business/boost/grants

Verizon and LISC (Local Initiatives Support Corporation) Come Together to Support Small Businesses with COVID-19 Recovery Fund
An investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital.
https://www.lisc.org/our-stories/story/verizon-and-lisc-fire-25-million-small-business-covid-19-recovery-fund

Yelp’s COVID-19 Response and Support for Local Businesses
Yelp announces $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services, during this period.
https://blog.yelp.com/2020/03/yelp-covid-19-response-and-support-for-local-businesses

GoFundMe Launches Small Business Relief Initiative
The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic.
https://www.gofundme.com/f/smallbusinessrelieffund

The James Beard Foundation launches the Food and Beverage Industry Relief Fund
The James Beard Foundation is launching a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need.
https://www.jamesbeard.org/blog/relief-fund

FEDERAL RESOURCES

SBA Disaster Loans

Governor Abbott announced that the U.S. Small Business Administration (SBA) has now granted Texas’ Economic Injury Disaster Loan (EIDL) assistance declaration, making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).

Next Steps: Small businesses who believe they may be eligible for an SBA EIDL should visit the SBA’s website where they can directly apply for assistance. The online application is the fastest method to receive a decision about loan eligibility. 

THOSE APPLYING WILL NEED TO REFERENCE THE SBA'S DECLARATION NUMBER FOR THIS LOAN, WHICH IS TEXAS #16381.

Here are the five documents on the website you will need to complete:

1. IRS Form 4506-T
2. Personal Financial Statement (SBA Form 413)
3. Schedule of Liabilities & Fixed Assets (SBA Form 2202)
4. Monthly Sales (SBA Form 1368)
5. Home Loan (SBA Form 5c), if applicable

Below is the list of ten documents you should assemble and scan to prepare for uploading them into the EIDL website:

1. Corporate governance documents; e.g., Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship
2. A written narrative statement justifying the nature and scope of economic injury and how/why nature of the business was adversely impacted by the Coronavirus ( one page/no more than two), such loss of revenues, canceled contracts, interrupted supply chain, etc.
3. Current Accounts Payable and Accounts Receivable Aging as of the date of filing for the loan
4. Three (3) years’ 1040 Federal Income Tax Returns for the business & owners
5. Three (3) years’ company FYE Income Statement and Balance Sheet and the latest YTD Financial Statements (Company prepared)
6. Company and Owners’ Debt Schedule Tables [e.g., Lender, original loan amt., date, current balance, interest rate (F or V?), collateral, the purpose of the loan, guarantors, status (e.g., current or past due with explanation) per row in the table]
7. Monthly (reasonably detailed) two (2) years cash flow projections
8. Three (3) years’ Monthly Sales History up to date of filing for a loan
9. Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports
10. Required SBA Forms (of all Owners, Co-owners & Principals owning 20% or more of the small business): IRS Form 4506-T, Personal Financial Statement (only on SBA Form 413), Schedule of Liabilities and Fixed Assets (SBA Form 2202), Monthly Sales (SBA Form 1368), Home Loan (SBA Form 5c)

Go to www.disasterloan.sba.gov to complete your profile and download forms.

Apply for Disaster Assistance Guidelines for Small Business

Internal Revenue Service

The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

COVID-19 GENERAL INFO

The U.S. Department of Labor provides information on common issues employers and employees face when responding to influenza, pandemics, or other public health emergencies.

Employment Resources Preparing Workplaces

Center for Disease Control and Prevention

Community Organizations Businesses Community Events

STATE AND LOCAL RESOURCES

Office of the Governor 

Visit their website for a comprehensive list of resources and important COVID-19 updates.

VISIT

Please contact the Community Development office at 979-968-3017 if you have any questions or if there is anything we can do to help.