$24.7 Million in Grants Available to Small Businesses and Non-profits Suffering COVID-19-Related Losses

It’s no secret that the COVID-19 pandemic has deeply impacted small businesses and non-profits in San Antonio. To help make up for some of these revenue losses, the City of San Antonio, in partnership with LyftFund, has established the federally funded COVID-19 Recovery Grants Program. Small business owners or non-profit boards can apply for a grant of up to $75,000 through July 27, 2020.

What exactly is the COVID-19 Recovery Grants Program?

The COVID-19 Recovery Grants Program makes $24.7 million in grants available to small businesses. The CARES Act funded the federal legislation responsible for things like the $1,200 stimulus checks and the Paycheck Protection Program. The grant program partners with LyftFund (a micro-lending company that primarily serves startups) to get money to small business owners and non-profits who need it most. Funding is available for organizations whose revenue has been severely impacted by the COVID-19 pandemic and will pay-out in August. This money is not a loan, so repayment is not required.

How can I get Recovery Grant funds?

Good question. There are a few requirements that your business or non-profit will need to meet to be eligible for a grant.*

Businesses must:

  • employ fewer than 20 people, including part-time and contract workers,
  • have annual gross revenue of less than $2 million,
  • be located within San Antonio city limits, and
  • demonstrate a 15% or higher revenue loss as a result of the COVID-19 pandemic.

Eligible businesses include, but are not limited to, local non-profits, sole-proprietorships, and partnerships. However, the following types of companies are ineligible – professional services, gaming or gambling organizations, national franchises, payday and auto loan providers, sexual-oriented businesses, and liquor stores.
 
* Please note that this list is not exhaustive. Visit the program website or contact your ATKG representative for more details. 

How much money is available to my business?

The amount available to your organization depends on the number of people it employs.

Number of EmployeesMaximum Grant Amount
Self-Employed/Sole-Proprietor$10,000
1-5 Employees$25,000
6-10 Employees$50,000
11-20 Employees$75,000

How can ATKG help?

Our team of professionals can help you determine whether your organization qualifies for COVID-19 Recovery Grants funds and help you gather the documentation to submit your grant application. Contact your ATKG representative or email us at info@atkgcpa.com.

Jenna Flexner graduated from Trinity University with a Bachelor of Science in Finance and Accounting. She served as editor-in-chief for the university’s yearbook, The Mirage, for three years, and was a contributor to the Trinitonian newspaper. For the past two years, Jenna has been a contributor to the Mindful in Life and Work newsletter.  

Jenna is currently a part of ATKG’s internship program and is working closely with its tax practice.