City of Irving Emergency Business Assistance Grant Program (EBAP)
Purpose: The program is designed to rapidly provide financial assistance to “traditional” small businesses (i.e., those with no more than 100 employees) that have been adversely affected by the current pandemic. Its purpose is to “stop the bleeding” for these firms; it is not to necessarily restore them to their pre-pandemic status.
Preapplication Dates: The pre-application will open on October 10, 2020 and close on October 24, 2020.
Link to the Pre-Application: https://zoomgrants.com/gprop.asp?donorid=2355&limited=3155
Funding: $1 million of Coronavirus Relief Fund funding (as provided by the CARES Act)
Definition of small business: Business with no more than 100 employees and revenue under $10 million.
Other eligibility requirements: Business must be located in the City of Irving. Business must have been in existence on or before January 1, 2020. Business must be in an industry that has been impacted by local and state Stay at Home Orders or capacity restrictions or have experienced a loss in income since March 1, 2020 because of the pandemic. Business must be current in the payment of city and local taxes. Business cannot have received more than $100,000 from the Paycheck Protection Program.
Type of assistance: Grant
Maximum grant amount: $50,000
Maximum grant calculation: 3 months of payroll, lease payments, utilities, the renting of existing equipment, & the payment of existing business-related loans or leases for equipment, vehicles, and/or real estate + $3000 of restart-up capital.
$5,000 grants: Qualified businesses will receive $5,000 for working capital based on minimal documentation, unless satisfactory additional documentation is provided showing actual incurred costs of up to the $50,000 maximum. Designed for start-ups, recently acquired businesses, self-employed, and home-based businesses without rent or W-2 employee expenses, $5,000 maximum grants will be awarded based on verification of business existence on or before January 1, 2020 and loss since March 1, 2020 due to the pandemic.
Excluded businesses: Non-profit entities, non-locally owned franchises, businesses whose primary income is derived from rental/income producing properties, businesses that operate as an age-restricted business. Also excluded are employees of City of Irving, persons/entities who are a party to a lawsuit against the City, and persons/entities who have been a party to a contract with City of Irving that has been terminated in the past 13 months because of insufficient performance.
Status of program:
IN PROGRESS. The pre-application period opens on October 10, 2020 and closes on October 24, 2020. After the pre-application period closes, NDC will conduct a randomized borrower selection process to identify the eligible businesses that will be invited to submit a full loan application.
City of Irving Website: https://www.cityofirving.org/3634/Business-Funding
Phone Number: (972) 721-2398
Para asistencia en español:
Phone Number: (214) 845-7673. Su mensaje será regresado dentro de un día hábil.