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
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
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
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:
IRS Form 4506-T
Personal Financial Statement (SBA Form 413)
Schedule of Liabilities & Fixed Assets (SBA Form 2202)
Monthly Sales (SBA Form 1368)
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:
Corporate governance documents; e.g., Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship
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.
Current Accounts Payable and Accounts Receivable Aging as of the date of filing for the loan
Three (3) years’ 1040 Federal Income Tax Returns for the business & owners
Three (3) years’ company FYE Income Statement and Balance Sheet and the latest YTD Financial Statements (Company prepared)
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]
Monthly (reasonably detailed) two (2) years cash flow projections
Three (3) years’ Monthly Sales History up to date of filing for a loan
Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports
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)
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.
Visit their website for resources available to employers and job seekers impacted by the COVID-19.
If an individual’s employment has been affected by COVID-19 they may apply for benefits either online by using the Unemployment Benefits Services (UBS) or by calling TWC at 800.939.6631 from 8 a.m. to 6 p.m. Monday – Friday. UBS can be accessed at any time. For additional information, visit TWC’swebsite.
Workforce Solutions Rural Capital Area is available to assist with outplacement services or layoff aversion strategies. They offer a no-cost service to re-connect affected workers to new employment and provide information on Unemployment Benefits from the Texas Workforce Commission (TWC).
BCL of Texas is a 501(c)(3) nonprofit economic development organization providing lending, homeownership, entrepreneurship, and community development programs to fulfill our mission of Building Strong Communities across Texas.
Texas State - Small Business Development Center Network
The Texas State University SBDC is actively seeking guidance on technical assistance regarding the "Economic Injury" declaration resulting from COVID-19 economic impact. This website will be updated as information is made available.
COVID-19: The Latest Information for Businesses & Employees
Shared Work Program Provides an Alternative to Layoffs During COVID-19
Shared Work allows employers to supplement their employees’ wages lost because of reduced work hours with partial unemployment benefits. Under the program, employers can reduce normal weekly work hours for employees in an affected unit by at least 10 percent but not more than 40 percent. Shared Work unemployment benefits are payable to employees who qualify for and participate in an approved Shared Work Plan. Workers may choose not to participate. Employees who qualify will receive both wages and Shared Work unemployment benefits.
Workforce Solutions - Rural Capital Area is contacting individuals that have been laid off to jobs that are available in our area. Go to https://workforcesolutionsrca.com/jobs-now to search available positions by county. If you are an employer who would like to have your openings added to this page, please email our Business Services Team at email@example.com.