liftfund application status

Affordable Capital and Financing: In 2020, we equipped 4,500 small businesses with $98.2 million in relief funding, including: Small Business Loans, Forgivable Loans, Grants, and the Paycheck Protection Program (PPP). Learn more about our criteria and methodology. No, your business must be physically located in the county. Be the first to review! How this organization adapted to changing conditions caused by COVID-19: When COVID-19 forced LiftFund to send employees home to work virtually, it quickly became apparent that this situation could help build stronger connections amongst our 15-state service region, lifting geographic restraints so team members could support each other remotely. As we prepared, planned and discussed new products and programs, LiftFund was also changing our method of delivering of services as people were no longer able to have face to face engagement with clients or utilize shared office space. Please check spam and trash in case it was blocked. Below you will find more details about . If I have 2 businesses, can I submit an application for each? Conduct business activities categorized as one of these NAICS codes. Please visit here to learn more on the SBA PPP website as programming may evolve during the program. As a sole proprietor, I am not required by the county or state to file a DBA. LiftFund has deep roots in Harris County and is a champion for our small business community. I have not yet filed my 2020 tax return. This organization's score of 98 is a passing score. I dont receive a business utility bill. (210) 507-4289. LiftFunds leadership team also worked quickly to ensure our clients were getting the support to keep their businesses afloat while they simultaneously worked with investors and partner organizations to bring in more revenue. If I have more than one business, how is the annual revenue amount calculated? We check the charity's Form 990 reporting to see if it meets this criteria. (for expenses that were incurred or paid during the Covered Period and showing that obligations or services existed prior to February 15, 2020 for the first three listed obligations/services): Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements, Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments, Business utility payments: Copies of invoices and receipts, cancelled checks or account statements, Covered operations expenditures: Copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments, Covered property damage costs: Copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments, and verification that costs were related to uninsured property damage due to public disturbance vandalism or looting that occurred in 2020, Covered supplier costs: Copy of contracts, orders or purchase orders in effect at any time before the Covered Period (except for perishable goods), and copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments, Covered worker protection expenditures: Copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments, and verification that expenditures were used to comply with COVID-19 guidance, Complete your loan forgiveness application, sign attestations and completed application, and submit it to, Guidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act(PDF), Guidance on the Employee Retention Credit under the CARES Act for the First and Second Calendar Quarters of 2021(PDF). This compensation data includes salary, cash bonuses and expense accounts and is displayed exactly how it is reported to the IRS. Log in Email. Since 1998, LiftFund has provided over $68.7 million in capital and more than 4,300 business loans to East Texas small business owners and entrepreneurs, of which 81% are Black, Indigenous and People of Color (BIPOC), 65% are Low-to-Moderate Income individuals, 43% are women, and 24% are startups. 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), Be currently in operation and not have filed for bankruptcy at time of application, Be located within San Antonio city limits and remain for one year from date of grant award. Organizations that demonstrate consistent annual growth in program expenses are able to outpace inflation and thus sustain their programs year to year. Despite the unprecedented nature of the last two years, LiftFunds audit continues to show no excessive liabilities and we continue to focus on keeping our debt-to-income ratio balanced. We believe you deserve a path to success and were here to close the small business finance gap thousands of small businesses face daily. Generally, receipts are considered total income plus cost of goods sold. Starting and sustaining a business can be hard work and may present a variety of challenges. Full Credit: The charity's audited financials were prepared by an independent accountant with an audit oversight committee. If 2021 business return has not been filed, other documents, such as a profit and loss statement may be requested. The Form 990 is a document that nonprofit organizations file with the IRS annually. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. Applications will be assessed and scored based on the five components below. In this case, we deduct 15 points from the charity's Accountability and Transparency score. The percentage each beacon contributes to the organizations overall rating depends on the number of beacons an organization has earned. Application Period: January 3 @ 10 am January 20 @ 5 pm. Harris County has created a new $30 Million Small Business Relief Fund to support micro and small businesses recovering from the economic effects of the COVID-19 pandemic. Applicants may schedule a virtual or phone appointment with LiftFund staff to request help in submitting their application. Businesses can Applications will be assessed and scored using the following methodology. The program, funded by Bexar County and administered by LiftFund, has dedicated $10,000,000 Million in funding to support for-profit small businesses with grants up to $50,000. (provide documentation for all payroll periods that overlapped with the Covered Period): Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees. On account of Ambedkar Jayanti, all PSKs/POPSKs will remain closed on 14th April 2023. Applicants are eligible to receive only one grant award, Only one grant may be awarded per business with more than one location. Login. As a result, the Accountability & Finance score for LiftFund is outdated and the overall rating may not be representative of its current operations. Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? The application window will open Monday, September 20 at 9:30AM and close Monday, October 4 at 5:30PM Central Standard Time. In 2020, LiftFund provided over $98.2 million in prompt financial support to small business owners facing the economic impact of COVID-19, including relief loans, small business grants and PPP loans across its 15-state footprint. The program, funded by the City of San Antonio and administered by LiftFund, has dedicated $17,000,000 Million in funding to support for-profit small businesses with grants up to $35,000. Contact. Below you will find more details about this program, including eligibility, documents required, scoring methodology and timeline. Business located in areas affected by these construction projects may be eligible for an additional $10,000. I asked on several occasions for my application to be reprocessed for the correct application to no avail. How will you verify my physical business address? Can I still apply? Applications with the highest score based on the methodology below will be considered and funded first. Yes, we will calculate the number of full time equivalent (FTE) employees, including 1099 workers. If I received Harris County assistance last year, am I eligible to apply for the grant? Be currently in operation. We include in a charity's working capital unrestricted and temporarily restricted net assets, and exclude permanently restricted net assets. Once I submit my application, can I confirm LiftFund received it? Acceptable return formats are Schedule Cs, 1120, 1120S and 1065. Applicants who are not selected for funding will receive a notification email by January 31st, 2022. All recipients will be required to complete follow-up surveys in May 2024 and May 2025. Tax-exempt businesses, hobby businesses, gambling businesses, residential builders, speculative real estate investors, government entities and sexually-oriented businesses are not eligible. Funds can be spent between 8 weeks to 24 weeks after loan origination. LiftFund is nonprofit community development financial institution with a 27-year track record of elevating underestimated and underserved communities across its 15-state footprint. Self-employment may be a wonderful way to help provide for your family. We will contact you by phone or email if additional documentation or clarification is needed. The voices and perspectives of these underrepresented entrepreneurs are crucial to our work and the services we offer. Grant disbursements: April 7 May 15, 2023. The IRS is significantly delayed in processing nonprofits' annual tax filings (Forms 990). Operating prior to January 1, 2020 with demonstrated revenue in 2019. As you begin the application process the SBA Form will populate for LiftFund to submit to SBA, so please complete the online application and upload the documents required in the program. I use a PO Box on my business registration and/or my tax return. How to do I prove how many employees I have if I hire 1099 contractors? Lendio will confirm and validate your business and financial information. 2. The Form must also be accompanied by the 990N attestation form. No, revenue must be less than $500,000 in both 2019 and 2020. This metric will be assigned to one of the following categories: Full Credit: There has been no diversion of assets within the last two years. No, businesses must submit both the 2019 and 2020 business tax returns to be considered,unless the business was registered and began operating in January March 2020, in which case the 2019 return is not required. A general website policy which references "visitor" or "user" personal information will not suffice. We review compensation data across the organization (and by staff levels) to identify disparities by race. We calculate the charity's average expenses over its three most recent fiscal years. The Texas nonprofit LiftFund will administer the distribution of funds to applying organizations based on a transparent . Do not pay a third party who is not on the list for application assistance. You will be asked to submit a current business utility bill as part of the application. Click here to. Status update April 1, 2016 Kiva has moved this Field Partner to inactive status. If I am not eligible for this grant, are there any other resources for me? Applications will be accepted from Monday. LiftFund's began in San Antonio, Texas in 1994 in conjunction with the micro-lending organization Accin International that offers micro-loans in Latin America. Tax-exempt businesses, hobby businesses, gambling businesses, residential builders, speculative real estate investors, government entities and sexually-oriented businesses are not eligible. As our clients are marginalized and underserved small business owners, they typically do not have trusting relationships with banking institutions. This delivery of programs was achieved through several different methods of COVID-19 relief such as: You're faster than our page! Password 3. Award notifications: September 7,2022- January 6, 2023. DD 214 proof of military discharge (veterans only), 213, 512, 519, 331, 711, 721, 487, 486, 448, 485, 326, 453, 624, 322, 523, 622, 236, 424, 321, 712, 713, 451, 112, 446, 524, You can contact the LiftFund Grants Team at 800-923-9551. Additionally, please uploadoneof the two options below to the application: The amount you are eligible for is based on the number of full time equivalent (FTE) employees you have. For more information about LiftFund, please call 888-215-2373 or email info@liftfund.com. Borrowers are required to save the supporting information for four years. Audited financial statements provide important information about financial accountability and accuracy. IRS Non Profit Status Letter. Visit our Partners page to view organizations that have been vetted and trained to assist business owners to submit the application free of charge. Business Outlook. The Mission of LiftFund is to provide credit and services to small businesses and entrepreneurs who do not have access to loans from commercial sources and to provid . No, number of employees will be calculated based on first quarter 2021. . LiftFund supports hard-working small business owners like you access money and resources you need to grow your business. Grant Amounts: Self Employed businesses up to $10,000 . The Profit and Loss statement must be signed and dated by an organization officer substantiating the information. Headquarters | 2014 S. Hackberry St, San Antonio, Texas 78210, USA, 2021 LiftFund All Rights Reserved | Privacy Policy | Terms of Service, About LiftFundImpactCommunityOur TeamClient Stories, ResourcesBusiness SupportLiftLearnEventsBlog, LoansAm I Ready?Funding OptionsRefer A Client, ChampionsPartnersSupportersClient Marketplace. Join our movement in leveling the financial playing field and breaking the cycle of poverty through entrepreneurship. If you file an 1120, use Line 1a. How COVID-19 impacted the organization's delivery of programs: In response to the pandemic, LiftFunds programs quickly shifted to focus on resiliency and recovery strategies for issues such as supply chain and distribution, remote customer service, and specialized support for business industries hit the hardest. Not have filed for bankruptcy at time of application. We provide loan solutions that include SBA micro-loans, SBA 504 Loans and the SBA Community Advantage. Lendio will confirm and validate your business and financial information. SBA Form 2483 Paycheck Protection Program Borrower Application Form revised Jan 8, 2021; For sole proprietorships and sole member LLC: 2019 Personal Tax Return containing 2019 Schedule C. 2019 1065 Partnership tax Return Containing all schedule K1s, Payroll Processor Records (for 12 months). Applications with the highest scores will be reviewed and approved first. You can contact the LiftFund Grants Team at 800-923-9551. Business utility bill (water, gas, electric). Valorie Anne Reynolds is the proud owner of Chica Verde, a vintage home dcor shop in San Antonio, Texas, with a niche in outdoor dcor that features Texas plants. If you wish to donate, please refresh the page. If you file a Schedule C, use Line 1. We recognize that not all metrics and beacons equally predict a charitys success. Grant recipients must keep detailed receipts for expenditure of grant funds. Often at smaller charities, it falls within the responsibilities of the finance committee or the executive committee.) To check if your business address is located within the city, click, Not be in the following categories: non-profits, gambling/gaming businesses; franchisors; sexually oriented businesses; payday & auto loan providers; liquor stores and businesses in which a City employee or officer has a financial interest, as defined in Sec. If you are a LiftFund PPP borrower seeking a second draw, please be ready with all your documents to submit through Lendio. However, we encourage you to start your PPP forgiveness process as soon as you are eligible to apply. The nonprofit organization presents evidence of strategic thinking through articulating the organizations vision. In this case, we deduct 7 points from the charity's Accountability and Transparency score. Can a third party, such as a CPA, submit an application on behalf of a business owner? LiftFund and other local community organizations will help applicants navigate the application process and overcome technological or language barriers. Check this, Must have 30 or fewer employees (including part time, contractors and full-time employees and owners), Experienced negative impact on operations due to the pandemic, Annual revenue of less than $500,000 dollars in 2019 and 2020, Be in good standing Texas Comptrollers office with no outstanding tax obligations or liabilities. The funds will be used to administer the small business recovery program and provide relief small business loans at 0 percent interest. Funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs. If you need assistance, please send us an email to card@liftfund.comor call us at (888) 215-2373. Learn more about the BMF on the IRS website, Described in section 509(a)(2) of the Code (BMF activity code: 995), Loans or grants for minority businesses (BMF activity code: 405), Organization which receives a substantial part of its support from a governmental unit or the general public 170(b)(1)(A)(vi) (BMF foundation code: 15), Independent - the organization is an independent organization or an independent auxiliary (i.e., not affiliated with a National, Regional, or Geographic grouping of organizations). Can I still apply? Good news is that youre still able to submit your PPL loan forgiveness application with the instructions below. Read the IRS policies for compensation reporting. 3/20/2023 1:33 AM. Contact Information. With the launch of the new Paycheck Protection Program, were providing first-class service and immediate access to the PPP program in partnership with Lendio. Our clients are diverse, minority owned, women owned, veteran owned, and come from all walks of life. We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that ones race identity has no influence on how they fare within the organization. This beacon provides an assessment of a charity's financial health (financial efficiency, sustainability, and trustworthiness) and its commitment to governance practices and policies. Why Aren't Donated Clothes Always Given Away for Free? Eligible businesses or nonprofits can apply for the grants by going to covid19.sanantonio.gov/recoverygrants or by calling 1-800-494-4973. This measure reflects what a charity spends to raise money. Source: IRS Form 990 (page 7), filing year 2020, Below are some key data points from the Exempt Organization IRS Business Master File (BMF) for this organization. .0 Strict//EN" "http://www.w3.org/TR/html4/strict.dtd">, Physical Address Partnerships: In partnership with generous supporters, we launched a variety of COVID relief options for small businesses in collaboration with municipal governments, foundations, banks, and various corporations. Applicants without a business tax return for 2019 and 2020 are not eligible. The City of Houstons program, Harvey Economic Development Program (HEDP). Learn more about becoming a LiftFund partner. Dividing these net available assets in the most recent year by a charity's average total expenses, yields the working capital ratio. We ask team members to identify racial disparities in their programs and/or portfolios. Username. Yes, for financial assistance, please visit, . We know entrepreneurs, no matter their life story, are dedicated to improving their lives and their familys well being. If the problem persists contact us. As do organizations in other sectors, charities must be mindful of their management of total liabilites in relation to their total assets. She thought about pursuing a career as a pediatric nurse, but that didnt appeal to her entrepreneurial spirit. I am reaching out to you for assistance as my business is in need of funding. LiftFund has earned a 93% for the Accountability & Finance beacon. The existence of a privacy policy of any type does not prohibit the charity itself from contacting the donor for informational, educational, or solicitation purposes. Please check spam and trash in case it was blocked. For more information about LiftFund, visit, LiftFund has deep roots in Harris County and is a champion for our small business community. As a sole proprietor, do I submit my full 1040 personal tax return or just my Schedule C? LiftFund and Lendio are trusted resources in micro and small business financing and bring community lending and online lending together for you to be successful in accessing PPP. Part time, full time, and contractors who work for you on a regular basis. How a donor can have themselves removed from a list differs from one charity to the next, but any and all opt-out policies require donors to take specific action to protect their privacy. Goal Type: Grow, expand, scale or increase access to the existing programs and services. LiftFund will administer the grants, and all completed applications will be reviewed for basic eligibility. Please attached copies of your 2020 1099s in the application or submit a payroll report. Our vision is to transform lives by opening doors, leveling the financial playing field and building a community of shared success through entrepreneurship. Gross receipts include all revenue in whatever form received or accrued, including revenue from sales of product or services, interest, dividends, rents, royalties, fees, or commissions reduced by returns and allowances. This beacon provides an assessment of the organization's leadership capacity, strategic thinking and planning, and ability to innovate or respond to changes in constituent demand/need or other relevant social and economic conditions to achieve the organization's mission. ACCEPTING APPLICATIONS. (Note that reporting these qualified wages in the payroll costs entered on your loan forgiveness application will affect the amount of qualified wages that can be used to claim the employee retention credit.). LiftFund is not new to understanding the needs of small businesses in the wake of a disaster. Simply enter the organization's name (LiftFund) or EIN (742712770) in the 'Search Term' field. Presented here are this organizations key compensated staff members as identified by our analysts. Innovations the organization intends to continue permanently after the pandemic: As most of our small business clients are still in the process of adapting to a post-pandemic business climate (i.e., implementing hybrid business models and continuing remote operations), LiftFund will continue to ensure that our training workshops and seminarsare offered virtually and recorded, easily accessible by smartphone, and monthly schedules are shared on our website. With the contractors assistance and assessment, LiftFund has made changes in leadership, alignment, communication and efficiency tools. Our lenders funded $25 million in PPP loans in the first rounds Almost all of them to clients without an existing lending relationship. My business was registered and began operating in January March 2020. This flexibility in operations was instrumental in supporting the quick disbursement of loans and grants to guide small businesses through the pandemic, a challenge we successfully met in response to a dramatic increase in need for capital. Employee Size for PPP 2nd Draw: Businesses with 300 or fewer employees; for NAICS code businesses starting with 72 (Accommodation & Food Services Industry) 300 or fewer per physical location. Learn more about our criteria and methodology. 1. https://www.cclerk.hctx.net/PersonalRecords.aspx#ANInfo. LiftFunds strategic approach for 28 years has focused on providing small businesses with access to affordable credit and capital while removing barriers for entrepreneurs who are women, low-income, and people of color. LiftFund is nonprofit community development financial institution with a 27-year track record of elevating underestimated and underserved communities across its 15-state footprint. How can I prove my address? Heres what we know about this next round of PPP: Well be providing further updates as we have them in the next couple of weeks including the launch of the new PPP round. BBB is here to help. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. The Program Expense Ratio is determined by Program Expenses divided by Total Expense (average of most recent three 990s). The grant program is an initiative of the COVID-19 Community Recovery and Resiliency Plan. Expedited processing, which costs $60 more, is taking seven to nine weeks, an increase from three to five weeks. Chica Verdes mission is to bring a bit of warmth and green into the life of its customers, who are the center of the business. Is the $500,000 annual revenue limit based on gross or net revenue? This chart displays the trend of revenue and expenses over the past several years for this organization, as reported on their IRS Form 990. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. This organization reported that it is collecting feedback from the constituents and/or communities it serves. Eligible applicants with the highest scores based on the methodology above will be notified earlier within the award notification time frame, followed by lower scoring applicants. Be in good standing with the TX Comptrollers office, if applicable. See the metrics below for more information. The application window will open Monday, September 20 at 9:30AM and close Monday, October 4 at 5:30PM Central Standard Time. We analyze disaggregated data and root causes of race disparities that impact the organization/'s programs, portfolios, and the populations served. I dont receive a business utility bill. LiftFund supports hard-working small business owners like you access money and resources you need to grow your business. These grants will provide relief to those struggling financially to help our economy recover and emerge stronger than before. If this organization aligns with your passions and values, you can give with confidence.

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