Small business payroll reimbursement assistance grant program
Funded by The CARES ACT, the Missouri City Small Business Payroll Reimbursement Assistance Grant Program is a collective effort to provide grants up to $20,000 to Missouri City small businesses still impacted by COVID-19. These supplemental funds are designed to help the most vulnerable businesses to remain open and assist with their business payroll payments. These funds may not cover all expenses but are intended to bridge the most immediate financialneeds.
This program will open on Tuesday, November 17, 2020 at 8:00 am for Missouri City small businesses to apply, on a first come, first served basis, until all funds are accounted for or exhausted. To apply click here.
1. Grants are available to small businesses for only the following eligible CARES ACT activity:
- Payroll Reimbursement for W-2 employees
2. Eligible businesses include:
- Principal location and operations must be within Missouri City, Texas.
- Annual business revenue must be at least $25,000.00 and cannot exceed $5,000,000.00
- For-profit businesses only.
- W-2 employees only. 1099 workers are not eligible for payroll reimbursement.
- The business must have been substantially impacted by COVID-19 and operational as of February 15, 2020, has not permanently closed, and has no intent of closing.
- The business and all principals must be in good standing at the time of application with the State of Texas and their respective city (real and personal taxes, outstanding payments, potential judgements, fines, or other amounts due to the city.) Verifiable through the City, County and State of Texas Comptroller’s office.
3. The maximum grant amount for any single entity is $20,000.00
4. The Payroll Grant Program will use the reimbursement grant model.
5. Reimbursement requests can only cover the pay periods from November 1, 2020 to December 30, 2020 for W-2 employees.
- Reimbursement request can only cover hourly wage rates for W-2 employee(s) and cannot include benefits or tax deductions from payroll.
- Grants are made on a first come, first served basis until all funds are exhausted.
8. Applications will be reviewed for completeness and compliance with grant eligibility standards and processed in the order received.
9. Qualifications to apply:
- Business must be located and operational within the jurisdiction of Missouri City.
- The business employs 1-50 full-time W-2 employees. For businesses with multiple locations, the employee count will be calculated by location.
- Have at least $25,000 in revenue and cannot exceed $5,000,000. Revenue is based on the annualized 2019 income.
- Have a loss of revenue of 25% or more as a direct result of COVID-19.
- Must have exhausted all other PPP funds for payroll assistance provided by the CARES Act, the County, or any other Federal source. To prevent Duplication of Benefits, Program Applicants will be required to sign a notarized affidavit which states that they will not utilize the Missouri City Payroll Reimbursement Assistance Grant Program if PPP grants have already been received for the same eligibility period from another entity.
10. Documentation necessary to apply:
- A completed and signed W9 form
- Executed, signed, and completed application with true and correct statements.
- The application will include:
- Federal Employer Identification Number (FEIN) or SSN
- Monthly revenue for August, September, October 2019 vs August, September, October 2020
- Gross annualized revenues for 2019
- A brief description of how the grant would be used and how COVID-19 has impactedoperations.
- Recipients must certify that the funds will be used for approved purposes and that they are not receiving assistance for the same coverage period from another source.
- Certificate of Good Standing from the State of Texas.
- 2019 Business Tax return (1st page of 1102S or Schedule C)
- Authorization for a FICO report to validate business viability
- Copy of Driver’s License or state issued ID card.
11. The expectation is that the business would remain operational in Missouri City for at least one year, or through December 30, 2020.
12. Receipts and documentation for all eligible expenditures must be submitted for audit purposes within 60 days of grant disbursement or funding. Funds dispersed that were not documented would need to be repaid by December 29, 2020.
Applications will be accepted on a first come, first served basis so APPLY HERE to get started!