Small Business Grant Program
The Town of Argyle Small Business Grant is a new program that will provide financial support in the form of grants to small business owners in Argyle that have been impacted by the pandemic. The program, funded by the Town of Argyle (2021 American Rescue Plan Grant) has dedicated $250,000 in funding to support for-profit small businesses with grants up to $25,000. Please read the information below carefully before applying for the Small Business Grant.
After reviewing the information and determining your business is eligible please apply by clicking HERE.
The grants will range from $5,000 to $25,000 to eligible small for-profit businesses. Maximum grant amount is based on annual revenue (gross receipts and sales) in 2020. The funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs.
The Town of Argyle Small Business Grant is not first come first served. All applications will be reviewed on stated and verified business information and business operations.
The following limitations apply:
- Applicants are eligible to receive only one grant award
- Only one grant may be awarded per business with more than one location
- Limited to one grant per physical address within the Town of Argyle
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To be eligible for this program, businesses must:
- Have annual gross sales between $15,000 and $2 million; gross revenues are based on Line 1 of Schedule C or Line 1a of 1120, 1120S, or 1065.
- Be located within the Town of Argyle. You can check your address using this map.
- Have experienced negative impact on operations due to the pandemic; "Negative impact" is defined as a 15% decrease in gross sales between 2019 and 2020 (Line 1 of Schedule C or Line 1a of 1120, 1120S, or 1065) or a 25% increase in expenses between 2019 and 2020 (Line 28 of Schedule C or Line 1a of 1120, 1120S, or Line 21 of 1065). Other methods may be used if additional documentation is requested.
- Have been in operation before December 30, 2019 and currently operational; "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) or a bank statement prior to April 2020 showing business activity generated sales deposits. "Currently operational" is defined as presence of business activity generated sales deposits on the most recent bank statement.
- Have at least one employee (W2) and no more than 50 FTEs (W2 and 1099) employees
- Be in good standing with Texas Comptroller's office.
List of Required Documents
- Current Driver's license of government-issued photo ID
- Proof of business registry with Texas Secretary of State
- Business Financials: 2019 and 2020 business tax returns (form 1120-S for Corporation, 1065 for Partnership, or 1040 along with Schedule C for Sole Proprietors). Additional financial documents, such as bank statements, or P&L may be requested if losses cannot be verified by the tax returns. Applicants without a tax return for either year will not be considered
- Business utility bill (water, gas, electric). Home based business may provide a home utility bill.
- Q4 2021 Form 941, Q4 2021 payroll report or Q4 2021 check copies to verify number of employees
Application Process & Timeline
The Town of Argyle Small Business Grant program will accept applications online beginning Monday, March 13, 2023 and will close on Wednesday June 30, 2023 at 5:00 PM.
To be considered for funding applications must be completed and submitted along with all documentation required for verification before 4:59:59 PM on June 30, 2023.
Grant Award Schedule
The application review period will start on May 8, 2023 for those applications submitted prior to May 3rd and continue through July 10 , 2023. All grants will be awarded by July 31, 2023.
Applicants will be informed of their grant status via email. Applicants should monitor their inbox and spam folder carefully for messages from Town staff.
Grant funds will be deposited into recipients' accounts by ACH within 10 business days of signing award agreement. Incorrect bank information in the Docusing will delay deposit of funds.
Grant Follow Up
All businesses awarded a grant through the Town of Argyle Small Business Grant program will be required to keep detailed receipts for expenditures of grant funds.