NEW $10000 Grant for Small Business – Application Deadline is Nov. 23, 2021
If you your small business needs additional financial help, there is a new $10000 Grant from the NBA and Legalzoom called, “Fast Break for Small Business”.
You can apply for this $10,000 Grant via the following link – https://aofund.org/program/fastbreak/…
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If your small business is still going through financial hardship, there is a new $10.000 dollar grant available that if you want it, you need to be quick because you have until November 23rd 2021 to apply for this new $10.000 dollar grant. That’s what we’re going to talk about in this video.
Hello from FreedomTax Accounting, we’re an accounting firm where we have been providing quality tax and accounting services, now for over 20 years. If you’re new to this channel, we provide strategies for small business owners, so they can achieve their financial goals. AlsoT FreedomTax is part of Freedom Group, we are a group of four companies where we provide, tax accounting, immigration, real estate, insurance and financial planning services. The links to all of our websites are going to be in the description of this video.
Now 2021 is ending and most of you may have already received the PPP, the EIDL alone, the EIDL grant, but you still need other additional funding in order to make your business continue to function during this coronavirus pandemic.
Now, there is a new $10.000 dollar grant available, and to be clear, this is not a grant from the SBA, this is a private grant; and there are many grants available from private entities that if you just look in google, “grants for small businesses” or “covid 19 grants”, there are still many grants available for small businesses that don’t necessarily come from the SBA; so, there are still help available for small businesses out there.
Now, we wanted to showcase and show you this grant, because it is backed up by two very good organizations; we think is a very good grant and we just wanted to share it with you.
So, this is the grant, it’s a grant from LegalZoom and the NBA, so they have this new $10.000 dollar grant which you apply via this website, and I am going to provide a link to this website in the description of this video, so you can do the application online. So, the application is very simple, but basically the details of the grant, once again, is coming from LegalZoom and the NBA and the WNBA.
Who is eligible for this grant? it says that your small business needs to be based in the United States; it has to be in business for at least six months; the business between six and twelve months has to have a business license or a sole proprietorship formation document; it has to have an annual revenue of less than a $1.000.000, you do have to have a business bank account and it cannot be an industry identified as prohibited industry. If you want more information on what are the prohibited industry, you just click there and open up a new tab and basically it gives you a list of all the businesses that cannot apply for these funds.
Now, they’re going to give out 100 $10.000 dollar grants, so they’re only going to give 100 grands; 50 of them will be awarded in January 2022, and another 50 to coincide with the WNBA season later in 2022.
If you don’t get the $10.000 grant, they’re also going to provide 2.000 businesses with $500 dollars to be used in LegalZoom services, which is pretty good.
The deadline as you can see, is November 23rd 2021. The application is only in English, can my business apply more than once? No, you can only apply once; and it gives you the list of the documentation that you’re going to need. You’re going to need to upload your last tax return, meaning a corporate tax return or a Schedule C if you are a sole proprietorship; a copy of your business license; front and back copy of the owners either the driver’s license, the government employee card, the passport; the most recent bank statement; you’re going to have to provide the W-9 form, which is this form, it’s a pretty simple form to fill out; they also want you to fill out the ACH form, which you just download from this link, this is a document where basically you provide your bank information in order for them to make the deposit.
So, the application is very simple, you just go to this website, which I’m going to provide the link to this website in the description of this video, and you just answer the question see; is your business currently operating? Yes. Your annual revenue, choose the amount that’s your annual revenue. Have you been in business for the last six months? You put yes if it has, all right. Is your business one of the industries prohibited? If it is, then put yes, but if it’s not, click no. This will automatically expand to the rest of the application and the rest is very very simple, your name, your email, your gender, the business legal name, your industry, your EIN number, the business website, the social media page, your address, description of your business; then, “are you interested in getting a promo from LegalZoom?” And here it gives you the list of the documents that you’re going to have to upload, and you scroll down and you just upload the documents here. This is a very simple form and we thought that was a good idea to share this grant with you.
Now, to be clear this is a new grant, we just found out about this grant since it is being backed up by two very good entities LegalZoom and the NBA. We feel that we want to share this information with you.
So, none of our clients have received this grant, we did some applications for our clients to see if they get him, so there’s no guarantee that you’re going to get it, but if you need $10.000 dollar grant to help you financially, this is a good option. It doesn’t hurt to try and get it.
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Frequently Asked Questions
WHAT IS FAST BREAK FOR SMALL BUSINESS?
Fast Break for Small Business is a program from LegalZoom, the NBA, WNBA, and NBA G League to assist small businesses all over the country through grants and credits for LegalZoom services. The multi-year program is a $6 million commitment, which awards $10,000 grants and LegalZoom services to 100 small businesses in its first year. The first round of grants will be disbursed in January 2022, and the second round later in the spring to coincide with the start of the WNBA season. The grant program is focused on reaching entrepreneurs of color, women, LGBTQ+ people, low- to moderate-income small business owners, immigrants, and others who have historically had limited access to financing for their business.
WHAT ARE THE ROLES OF THE ORGANIZATIONS INVOLVED IN THIS PROGRAM?
LegalZoom, the NBA, WNBA, and G League are the program partners, and Accion Opportunity Fund is the grant fund administrator.
WHAT ARE THE CRITERIA FOR ELIGIBLE SMALL BUSINESSES?
Eligible small businesses must:
- Be based in the United States
- Have been in business for at least 6 months (since April 2021)
- If in business for between 6 and 12 months, have a business license or sole proprietorship formation document
- Have an annual revenue of less than $1 million
- Have a business bank account
- Not be in an industry that has been identified as a prohibited industry for this program
HOW MANY GRANTS WILL BE AWARDED EACH YEAR?
100 grants of $10,000 each will be awarded in two rounds: 50 in January 2022 and 50 to coincide with the WNBA season later in 2022.
HOW MANY BUSINESSES WILL RECEIVE CREDITS FOR LEGALZOOM SERVICES EACH YEAR?
2,000 businesses will be awarded $500 in LegalZoom services each year, split into two rounds. All 100 grant recipients will receive the credit, and an additional 1,900 businesses will also receive a credit.
HOW DO I APPLY?
Please complete the application here.
WHEN IS THE DEADLINE TO APPLY?
The deadline to apply is Tuesday, November 23 at 11:59 p.m. ET.
WHAT LANGUAGES IS THE APPLICATION AVAILABLE IN?
The application is available only in English.
CAN MY BUSINESS APPLY MORE THAN ONCE?
No, business owners can only apply to the opportunity one time per round. In addition, entrepreneurs who own more than one business are eligible for the opportunity for only one business. Duplicated entries will be excluded from consideration.
WHAT DOCUMENTS DO I HAVE TO SUBMIT WITH MY APPLICATION?
- All pages of the most recent business tax returns [if business is more than 12 months old]. If the business files a Schedule C, please submit all pages of your 1040 personal tax return with Schedule C for business.
- A copy of your business license OR sole proprietorship formation document [if business is between 6 and 12 months old but does not have a business license OR sole proprietorship formation document, the business is not eligible for this opportunity]
- A front-and-back color copy of the business owner’s government-issued identification [Acceptable identification includes a driver’s license, federal government employee ID card, passport, permanent resident card, alien resident card, or matricula consular]
- All pages of the most recent business bank statement (businesses that do not have a business bank account are not eligible for this opportunity)
- A completed W9 form for the business bank account referenced above: click to download
- A completed ACH form for the business bank account referenced above: click to download
WHAT IF MY DOCUMENT UPLOADS EXCEED THE FILE SIZE LIMIT?
Some of the required documents may be large files, especially if they contain multiple pages. Multi-page files are allowed as long as they do not exceed the file size limit. If the documents do reach or exceed the file size limit (20 MB per file), please resize the documents to a smaller file size. There are many trusted online resources available for resizing files (e.g. Smallpdf, TinyPNG, etc.).
WHAT IF I DO NOT HAVE TAX RETURNS FOR MY BUSINESS?
If you have been in business for 6-12 months and do not have tax returns, please submit your business license or sole proprietorship formation document to verify your business status. If you have been in business for 6-12 months and do not have a business license or sole proprietorship formation document, you are not eligible for this opportunity.
WHAT IF I DO NOT HAVE A BUSINESS LICENSE?
If you have been in business for 6-12 months and do not have a business license or sole proprietorship formation document, you are not eligible for this opportunity.
IF I HAVE BEEN IN BUSINESS LONGER THAN 12 MONTHS, CAN I SUBMIT A BUSINESS LICENSE INSTEAD OF TAX RETURNS?
No, if you have been in business for longer than 12 months, you must submit business tax returns to be eligible for this opportunity.
WHY DO I HAVE TO SUBMIT MY BANK INFORMATION?
Bank information is submitted to make the deposit of grant funds via ACH if you are selected as a grantee. This information will only be used if you are selected.
WHAT IF I AM UNABLE TO PROVIDE ALL OF THE INFORMATION REQUESTED?
You must provide all documentation requested. Incomplete applications will not be considered.
ARE SOLE PROPRIETORS ELIGIBLE TO APPLY?
Yes, sole proprietors are eligible to apply.
CAN BUSINESSES LOCATED IN U.S. TERRITORIES APPLY?
No, businesses located in U.S. territories are not eligible for this opportunity. A business must be located within one of the 50 United States or Washington DC to be eligible.
WHAT IF I AM AN EMPLOYEE AT A SMALL BUSINESS OR SERVE IN A MANAGEMENT ROLE AT A SMALL BUSINESS, CAN I APPLY ON ITS BEHALF?
No, you must own a small business to be eligible. Employees of small businesses are not eligible for this grant.
ARE NONPROFIT ORGANIZATIONS ELIGIBLE TO APPLY?
No, this opportunity is only open to owners of small businesses (for profit).
WHAT INDUSTRIES ARE ELIGIBLE TO APPLY?
Businesses can apply from any industry EXCEPT the following, which are ineligible:
- Adult entertainment including strip clubs, escort services, adult bookstores, and businesses whose principal business is the sale of pornography
- Tobacco stores, smoke shops, cigarette & cigar retailers and wholesalers, cigarette stands
- Firearms sellers, merchants, retailers, or wholesalers; ammunition sales; gun clubs; shooting ranges
- Marijuana related businesses; cannabis dispensaries, marijuana crop farming, edibles
- Massage parlors, saunas, or hot tub facilities
- Illegal activities
- Gambling and betting activities, racetracks
- Real estate investment companies (residential and commercial), house flippers, hotels, businesses whose principal source of revenue is rental income
- Banking and financial institutions; central banking; other monetary intermediation; trusts, funds, and similar financial entities
- Merchant service companies, merchant sales organizations, payment services
- Lending businesses; payday lenders, title lenders, other credit granting
- Small Business loan brokers
- Check cashers
- Bail bonds
- Pawn shops
- Collection companies/lawyers or debt consolidation firms
- Multi-level marketing companies or businesses based on pyramid sales plans
- Nonprofit organizations
- Religious organizations, churches, temples, mosques and shrines and other services provided specifically for the religious community
- Activities of political organizations
- Transportation of hazardous materials
- Oil and gas exploration/securities
- Rideshare (i.e. Uber/Lyft drivers)
DO I HAVE TO BE A UNITED STATES CITIZEN OR LEGAL RESIDENT TO BE ELIGIBLE?
We do not request any information related to the immigration status of applicants. Applicants must answer all application questions and submit all required documentation to be eligible.
IF I HAVE MULTIPLE BUSINESSES, CAN I APPLY MULTIPLE TIMES?
No, each individual business owner may only apply once and is only eligible to receive one grant even if they own more than one business.
CAN I MAKE CHANGES TO MY APPLICATION AFTER SUBMISSION?
No, you may not make any changes after the application has been submitted.
CAN I SAVE MY APPLICATION AS I AM WORKING ON IT?
No, there is no option to save incomplete applications to return to at a later time.
WILL I RECEIVE CONFIRMATION AFTER THE APPLICATION HAS BEEN SUBMITTED?
Yes, you will receive confirmation by email.
DO I HAVE TO BE LOCATED IN AN NBA, WNBA, OR NBA G LEAGUE METRO AREA TO BE ELIGIBLE?
No, eligible business owners can be located anywhere in the 50 United States and do not have to be located in any of the leagues’ metro markets.
HOW WILL GRANTEES BE SELECTED?
Following a random selection process, grantees will be vetted and verified by Accion Opportunity Fund to ensure they meet eligibility criteria.
WHEN WILL I HEAR ABOUT THE STATUS OF MY APPLICATION?
All applicants will be notified about the status of their application, whether they received a grant or not, in January 2022.
HOW WILL I BE NOTIFIED IF I WILL RECEIVE A GRANT?
All communications regarding the grant will be through emails from Accion Opportunity Fund, including the notification if you are selected to receive a grant.
WHEN WILL THE GRANT FUNDS BE DISTRIBUTED?
The initial round of grant funds will be distributed in January 2022.
HOW WILL THE GRANT MONEY BE DISBURSED?
Grant money will be transferred from Accion Opportunity Fund to the grantees’ verified business bank account.
HOW CAN GRANT FUNDS BE USED?
Grant funds are intended to be used for any legitimate business purpose.