City of DeSoto Business Assistance Program
Program Purpose: The City of DeSoto Business Assistance Program is a temporary grant program designed to provide financial assistance to eligible applicants for the payment of rent, mortgage, and utility bills (or, alternatively, a small lump-sum grant for home-based businesses) for businesses impacted by the COVID-19 pandemic.
Preapplication Dates: The pre-application will open on August 24, 2020 and close on September 14, 2020.
Link to the Pre-Application: https://www.surveymonkey.com/r/DeSotoSmallBiz
Funding: $800,000 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: Applicant may not be delinquent in the payment of Dallas County taxes; currently be in a lawsuit with the city; be an elected official of the city or a city employee; or have a relationship with the City of DeSoto that constitutes a conflict of interest. (Note: Volunteer members of a city board or commission are eligible)
Type of assistance: Grant.
Payments will be made directly to the landlord, mortgage company or utility company except for the home-based business grant.
Maximum grant amount: $20,000 ($2,500 for home-based businesses)
Maximum grant calculation: 3 months of rent/mortgage/utility expenses; $2500 max grant for home-based business. (No documentation beyond P&L required for home-based business expenses.)
Excluded businesses: Applicant may not owe taxes to the city; currently be in a lawsuit with the city; or be an elected official of the city, a city official, or a member of a city board or commission.
Required documents for businesses with a commercial location: Texas driver’s license or other government-issued identification, signed month-by-month profit and loss statement for January-July 2020, Jan.-July bank statements with expenses clearly highlighted, proof of DeSoto operations (utility bill for commercial location, certificate of occupancy, lease invoice, etc.), business entity filing with the Secretary of State OR DBA filed with Dallas County, 2019 business tax return or personal income tax return with Schedule C or Form 990 (for non-profit), Signed Q1 2020 IRS 941 (if business has employees), signed W-9.
Required documents for a home-based business: Texas driver’s license or other government issued identification, signed month-by-month profit and loss statement for January-July 2020, proof of DeSoto operations (may use tax return, DBA, etc.), business entity filing with the Secretary of State OR DBA filed with Dallas County, 2019 business tax return or personal income tax return with Schedule C or Form 990 (for non-profit), Signed Q1 2020 IRS 941 (if business has employees), signed W-9.
Status of program: The pre-application will open on August 24, 2020 and will close on September 14, 2020.
Email: ntxsmallbiz@ndconline.org
RESOURCE DOCUMENTS:
DeSoto Business Assistance Program Instructional Video – Part 2