The LiftFund partnership with Lendio to process PPP loan forgiveness applications ended on January 31st, 2022. 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. How do I know if I qualify for the $10,000 construction impact supplement? Goal Two: LiftFund developed several new programs that were extremely successful and offered virtually. This overall score is calculated from multiple beacon scores, weighted as follows:80% Accountability & Finance, 10% Leadership & Adaptability, 10% Culture & Community. The application period opens Monday, July 13, 2020 and closes on Monday, July 27, 2020 with $24.7 million available. Applicants will be able to save their progress during the application period. LiftFund's PPP loan maximum loan amount is $250,000, set by SBA guidelines. Please attached copies of your 2020 1099s in the application or submit a payroll report. Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? For some, entrepreneurship is the only source of income, and a pathway out of poverty. LiftFund supports hard-working small business owners like you access money and resources you need to grow your business. What challenges does your organization face in collecting feedback from the people you serve? These local agencies will with the application process to help overcome technological or language barriers. Eligible applicants with the highest scores based on the methodology above will be notified earlier within that time frame, followed by lower scoring applicants. Below you will find more details about this program, including eligibility, documents required, scoring methodology and timeline. If additional documents are requested, applicants will have 5 business days to submit. No, revenue must be less than $500,000 in both 2019 and 2020. The City of Houstons program, Harvey Economic Development Program (HEDP). As our clients are marginalized and underserved small business owners, they typically do not have trusting relationships with banking institutions. 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. Grant recipients must keep detailed receipts for expenditure of grant funds. The Form must also be accompanied by the 990N attestation form. Mar 11, 2022 - Support Worker. They should be prepared by an independent accountant with oversight from an audit committee. 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 . The nonprofit provides evidence of leadership through focusing externally and mobilizing resources for the mission. By joining our movement, you say yes to financial inclusion and opportunity for all. Dividing a charity's average administrative expenses by its average total functional expenses yields this percentage. Read More . Grant amount will not exceed 2019 gross sales. You will receive a confirmation email from noreply@bmisw.com. If you file an 1120, use Line 1a. Be in good standing with the TX Comptrollers office, if applicable. The funds will be used to administer the small business recovery program and provide relief small business loans at 0 percent interest. LiftFund will issue a 1099 in January 2024. All grants will be awarded by January 2022. Applicants will receive a confirmation email when they submit the application. 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. Businesses must not have any outstanding tax liabilities. Does LiftFund have experience serving the small business community? Eligible applicants with the highest scores based on the methodology above will be funded earlier within that time frame, followed by lower scoring applicants. To calculate a charity's fundraising efficiency, we divide its average fundraising expenses by the average total contributions it receives. Be the first to find this review helpful. The webinars will be offered in English and Spanish. Charity Navigator looks to confirm on the Form 990, or for some metrics on the charity's website, that the organization has these policies in place. Sources Include: IRS Form 990 and organization's website. For more information about LiftFund, visit, LiftFund has deep roots in Harris County and is a champion for our small business community. 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. The application process is not first-come, first-served; all completed applications will be reviewed for eligibility and prioritized based on small business impact parameters. The grant application will require verification of pertinent documentation. You can submit a copy of your business lease agreement. Who are the people you serve with your mission? Paycheck Protection Program Interest Form. Charity Navigator believes nonprofit organizations that engage in inclusive practices, such as collecting feedback from the people and communities they serve, may be more effective. At least 60% of the proceeds are spent on payroll costs. Applicant must be majority owner of business, Current Drivers license or government-issued photo ID. LiftFund is also offering five webinars to provide the community an overview of the grants program and application process. Will the application process accommodate business owners facing technological or language barriers? All applicants, even if ineligible or not selected for funding, will be notified by May 8. Mr. Isaac Elizondo, Regional Vice President. Need Assistance with CPS or SAWS Payment Options? A bilingual info. LiftFund reported being impacted by COVID-19 in the following ways: How COVID-19 impacted the organization's operations financially: There are a wide range of strategies that LiftFund utilized in the wake of COVID-19 to ensure that operations were not impacted financially. We leverage finance and accountability data from it to form Encompass ratings. 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. Yes, but: The times do not include . The City of Houstons program,Harvey Economic Development Program (HEDP), provides support to impacted small businesses and communities through small business loans and grants. Business Bank statements from first quarter of 2020 plus business bank statements from any other quarter in 2020, A January- August profit and loss statement for 2020 and one for January August 2021. IRS Non Profit Status Letter. This normally would have reduced their star rating. Not be in the following categories: non-profits, gambling/gaming businesses, sexually oriented businesses; payday lenders, or real estate investment. LIFTFUND PROVIDES CREDIT TO SMALL BUSINESSES THAT DO NOT HAVE ACCESS TO LOANS FROM COMMERCIAL SOURCES. Give the page a little longer to finish Operating prior to January 1, 2020 with demonstrated revenue in 2019. Good news is that youre still able to submit your PPL loan forgiveness application with the instructions below. Upon graduating, Sophies aunt encouraged her to pursue an ASL career and follow her passion of bridging the gap between the deaf and hearing communities. 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. Passport Seva. Applications with the highest scores will be reviewed and approved first. We calculate the charity's average total expenses over its three most recent fiscal years. Carlos Gutierrez is a SBA 504 Loan Specialist at LiftFund based in San Antonio, Texas. Payroll(provide documentation for all payroll periods that overlapped with the Covered Period): Non-payroll(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): This list of documents required to be submitted to yourlender is not all-inclusive. For more information about LiftFund, visit. The Texas nonprofit LiftFund will administer the distribution of funds to applying organizations based on a transparent . (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). 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. Grants will be awarded in three months beginning in November and continuing through January, 2022. Gross sales in both 2020 and 2021 must be less than gross sales in 2019. The SBA provides 100% guarantee on the PPP loan. If my gross sales in 2020 were less than 2019 but gross sales in 2021 were greater than 2019- or vice versa- am I eligible? 3. The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. You may still submit the home utility bill. Applicants without a business tax return for 2019 and 2020 are not eligible. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period: Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and, State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state, Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount. LiftFund cannot currently be evaluated by our Impact & Results methodology because either (A) it is eligible, but we have not yet received data; (B) we have not yet developed an algorithm to estimate its programmatic impact; (C) its programs are not direct services; or (D) it is not heavily reliant on contributions from individual donors.Note: The absence of a score does not indicate a positive or negative assessment, it only indicates that we have not yet evaluated the organization. Funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs. We calculate the charity's average expenses over its three most recent fiscal years. At a young age, Sophie Macey learned American Sign Language to communicate with her deaf cousin, Yasmin, and forged lasting friendships with other deaf children throughout her time in school.
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