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Quick Break for Small Enterprise – Accion Alternative Fund

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LegalZoom has teamed up with the NBA, WBNA, and NBA G League to help communities by serving to small enterprise house owners. Quick Break for Small Enterprise is a $6 million dedication in grants and LegalZoom providers to assist 1000’s of small companies everywhere in the nation, and Accion Alternative Fund is the nonprofit administrator of this system.

HOW IT WORKS

LegalZoom, the NBA, WNBA, and NBA G League are dedicated to serving to small enterprise house owners all over the place, particularly those that face obstacles due to who they’re, who they love, or how they determine. Beginning at WNBA Tip-Off, the second of six grant cycles will open on this multi-year program. Right here’s the way it will work:

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  • $10,000 grants and a free LegalZoom product of their selecting, valued at as much as $500, to 50 small companies
  • A free LegalZoom product of their selecting, valued at as much as $500, to 950 further small companies
  • The applying for grants closed on Might twenty seventh 2022. We shall be asserting the grantees in July.

Eligibility REQUIREMENTS

Eligible small companies should:

  • Be primarily based in the US
  • Have been in enterprise for no less than 6 months (since November 2021) and at present in operation
  • If in enterprise for between 6 and 12 months, have one of many following: articles of incorporation for LLCs, S Corps, and C Corps; sole proprietorship formation; fictitious identify assertion or DBA; EIN registration; metropolis, state, or federal license to do enterprise; or related skilled license [if the business is between 6 and 12 months old but does not have any of these documents, the business is not eligible for this opportunity]
  • Have an annual income of lower than $1 million
  • Have a enterprise checking account
  • Not be in an trade that has been recognized as a prohibited trade for this program

Often Requested Questions

Click on the hyperlinks under to leap to your query.

Overview

Eligibility

Utility Course of

Submission and Troubleshooting

Grantee Choice and Awards

Overview

What’s Quick Break for Small Enterprise?

Quick Break for Small Enterprise is a grant program supported by LegalZoom and the Nationwide Basketball Affiliation to assist small companies which can be persevering with to get better within the wake of the COVID-19 pandemic. The multi-year program will award $10,000 grants to 100 small companies in its first yr, 2022. The primary spherical of grants have been disbursed in January 2022 and the second spherical later in July 2022 to coincide with the WNBA season. The grant program is targeted on reaching entrepreneurs of colour, ladies, low- to moderate-income small enterprise house owners, immigrants, and others who’ve traditionally had restricted entry to financing for his or her enterprise.

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What are the roles of the organizations concerned on this program?

LegalZoom and the NBA are this system sponsors. Accion Alternative Fund is the grant fund administrator.

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Eligibility

What are the standards for eligible small companies?

Eligible small companies should:

  • Be primarily based in the US
  • Have been in enterprise for no less than 6 months (since November 2021) and at present in operation
  • If in enterprise for between 6 and 12 months, have one of many following: articles of incorporation for LLCs, S Corps, and C Corps; sole proprietorship formation; fictitious identify assertion or DBA; EIN registration; metropolis, state, or federal license to do enterprise; or related skilled license [if the business is between 6 and 12 months old but does not have any of these documents, the business is not eligible for this opportunity]
  • Have an annual income of lower than $1 million
  • Have a enterprise checking account
  • Not be in an trade that has been recognized as a prohibited trade for this program

What if I don’t have tax returns for my enterprise?

Enterprise tax returns are required in case you have been working for longer than 12 months. In case you have been in enterprise for 6-12 months and don’t have tax returns, please submit one of many following: articles of incorporation for LLCs, S Corps, and C Corps; sole proprietorship formation; fictitious identify assertion or DBA; EIN registration; metropolis, state, or federal license to do enterprise; or related skilled license. If have been in enterprise for 6-12 months and don’t have any of those paperwork, you aren’t eligible for this chance.

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What if I don’t have a enterprise license?

In case you have been in enterprise for 6-12 months and don’t have one of many following: articles of incorporation for LLCs, S Corps, and C Corps; sole proprietorship formation; fictitious identify assertion or DBA; EIN registration; metropolis, state, or federal license to do enterprise; or related skilled license, you aren’t eligible for this chance.

To search out out what enterprise sort is best for you, go to LegalZoom’s Enterprise Formation web page.

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If I’ve been in enterprise longer than 12 months, can I submit a enterprise license as a substitute of tax returns?

No, in case you have been in enterprise for longer than 12 months, you have to submit enterprise tax returns to be eligible for this chance.

Are sole proprietors eligible to use?

Sure, sole proprietors are eligible to use.

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Can companies situated in U.S. territories apply?

No, companies situated in U.S. territories usually are not eligible for this chance. A enterprise should be situated inside one of many 50 United States to be eligible.

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What if I’m an worker at a small enterprise or serve in a administration function at a small enterprise, can I apply on its behalf?

No, you have to personal a small enterprise to be eligible. Staff of small companies usually are not eligible for this grant.

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Are nonprofit organizations eligible to use?

No, this chance is simply open to house owners of small companies (for revenue).

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What industries are eligible to use?

Companies can apply from any trade EXCEPT the next, that are ineligible:

  • Grownup leisure together with strip golf equipment, escort providers, grownup bookstores, and companies whose principal enterprise is the sale of pornography
  • Tobacco shops, smoke retailers, cigarette & cigar retailers and wholesalers, cigarette stands
  • Firearms sellers, retailers, retailers, or wholesalers; ammunition gross sales; gun golf equipment; capturing ranges
  • Marijuana associated companies; hashish dispensaries, marijuana crop farming, edibles
  • Therapeutic massage parlors, saunas, or scorching tub amenities
  • Unlawful actions
  • Playing and betting actions, racetracks
  • Actual property funding corporations (residential and industrial), home flippers, resorts, companies whose principal income is rental revenue
  • Banking and monetary establishments; central banking; different financial intermediation; trusts, funds, and comparable monetary entities
  • Service provider service corporations, service provider gross sales organizations, fee providers
  • Lending companies; payday lenders, title lenders, different credit score granting
  • Small Enterprise mortgage brokers
  • Examine cashers
  • Bail bonds
  • Pawn retailers
  • Assortment corporations/attorneys or debt consolidation corporations
  • Multi-level advertising and marketing corporations or companies primarily based on pyramid gross sales plans
  • Nonprofit organizations
  • Spiritual organizations, church buildings, temples, mosques and shrines and different providers offered particularly for the spiritual neighborhood
  • Actions of political organizations
  • Transportation of hazardous supplies
  • Oil and gasoline exploration/securities
  • Rideshare (i.e. Uber/Lyft drivers)

Do I’ve to be a United States citizen or authorized resident to be eligible?

We don’t request any data associated to the immigration standing of candidates. Candidates should reply all utility questions and submit all required documentation to be eligible.

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Do I’ve to be situated in an NBA metro space to be eligible?

No, eligible enterprise house owners might be situated anyplace within the 50 United States and don’t have to be situated in an NBA metro market.

Utility Course of

How do I apply?

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Please full the appliance right here. Candidates might want to sign up or create an account with Submittable, the appliance software program that we use, to submit an utility.

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When is the deadline to use?

The deadline to use is Friday, Might 27, 2022 at 8:00 p.m. EDT.

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What languages is the appliance out there in?

The applying is simply out there in English.

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Can my enterprise apply greater than as soon as?

No, companies ought to solely apply to the chance one time. Duplicated entries shall be excluded from consideration.

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What paperwork do I’ve to submit with my utility?

  • All pages of the latest enterprise tax returns. If the enterprise recordsdata a Schedule C, please submit all pages of your 1040 private tax return together with the Schedule C. If you happen to don’t have tax returns as a result of your enterprise is 6-12-month-old, you must add one of many following: articles of incorporation for LLCs, S Corps, and C Corps; sole proprietorship formation; fictitious identify assertion or DBA; EIN registration; metropolis, state, or federal license to do enterprise; or related skilled license [if business is between 6 and 12 months old but does not have any of these documents, 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 latest enterprise financial institution assertion [businesses that do not have a business bank account are not eligible for this opportunity]
  • A accomplished W9 form- click on right here to obtain the shape

Why do I’ve to submit my financial institution data?

Financial institution data is submitted to make the deposit of grant funds through ACH in case you are chosen as a grantee. This data will solely be used in case you are chosen.

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If I’ve a number of companies, can I apply a number of occasions?

No, every particular person enterprise proprietor might solely apply as soon as and is simply eligible to obtain one grant even when she or he owns a couple of enterprise.

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Is there a charge to use for the Quick Break for Small Enterprise program?

No, there is no such thing as a charge to use for this grant program.

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Submission and Troubleshooting

What if I’m unable to add all the data requested?

You have to present all documentation requested. Incomplete functions won’t be thought of. Go to Submittable’s Useful resource Web page to discover ways to troubleshoot this drawback or attain out to Submittable’s Buyer Assist workforce with any technical questions right here.

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Can I make modifications to my utility after submission?

No, you might not make any modifications after the appliance has been submitted. If you happen to made a mistake in your utility, you’ll be able to withdraw it and submit a brand new one.

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Can I save my utility as I’m engaged on it?

Sure, it can save you incomplete functions to return to at a later time.

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Will I obtain affirmation after the appliance has been submitted?

Sure, you’ll obtain affirmation by e mail. Please make sure to whitelist notification emails from Submittable and examine the e-mail you used to enroll in your Submittable Account commonly.

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What browser ought to I take advantage of?

Our platform works greatest on Google Chrome, Firefox, and Safari. Web Explorer isn’t supported. Please ensure you are utilizing a supported browser.

You possibly can obtain Firefox by following the directions linked right here.

You possibly can obtain Chrome by following the directions linked right here.

Who do I contact if I’m having technical points with the appliance?

Take a look at the Submitter Useful resource Middle or attain out to Submittable’s Buyer Assist workforce with any technical questions right here.

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Grantee Choice and Awards

How will grantees be chosen?

Following a random choice course of, grantees shall be vetted and verified by Accion Alternative Fund to make sure they submitted an entire utility, meet eligibility standards and cross the enterprise verification assessment.

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When will I hear in regards to the standing of my utility?

All candidates shall be notified in regards to the standing of their utility, whether or not they acquired a grant or not, in early July 2022

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When will the grant funds be distributed?

Grant funds shall be distributed in July 2022.

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How will I be notified if I’ll obtain a grant?

All communications relating to the grant shall be by way of emails from Accion Alternative Fund, together with the notification in case you are chosen to obtain a grant.

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How will the grant cash be disbursed?

Grant cash shall be transferred from Accion Alternative Fund to the grantees’ verified enterprise checking account.

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How can grant funds be used?

Grant funds are meant for use for any professional enterprise objective.

What number of grants shall be awarded?

100 grants of $10,000 every shall be awarded in two rounds. The primary 50 grants have been awarded in January 2022. The second group of fifty grants shall be awarded in July 2022.

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What number of companies will obtain free LegalZoom merchandise?

2,000 whole companies shall be awarded one Authorized Zoom service or product, valued at as much as $500, every year, cut up into two rounds. All 100 grant recipients will obtain the credit score, and a further 1,900 companies may even obtain a credit score for a LegalZoom services or products.

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Is there another award other than the $10,000?

Sure. 2,000 companies shall be awarded one LegalZoom service or product, valued at as much as $500 every year, cut up into two rounds. The primary 1,000 companies acquired this award in January 2022, and the second group of 1,000 awards shall be introduced in July 2022.

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Can I obtain LegalZoom free providers or merchandise with out receiving the $10,000 grant?

Sure. All 100 yearly grant recipients will obtain the credit score, and a further 1,900 companies may even obtain LegalZoom providers or merchandise, valued at as much as $500. The primary group of awards went out in January 2022, and the second spherical shall be awarded in July 2022: 50 enterprise house owners will obtain a grant plus the LegalZoom services or products as much as $500, and a further 950 enterprise house owners will obtain solely the LegalZoom services or products, valued at as much as $500.

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Is the grant award thought of taxable revenue?

Sure, this grant could also be topic to tax reporting primarily based on the worth of the grant acquired. Accion Alternative Fund will concern 1099 tax varieties to all grant recipients in early 2023 to be filed as a part of the 2022 tax yr. Please seek the advice of with a tax skilled to be taught extra.

How do winners of free LegalZoom merchandise declare their award?

Winners will obtain an e mail from Quick Break for Small Enterprise with directions and an unique cellphone line to speak to a LegalZoom knowledgeable.

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Can I take advantage of my free LegalZoom product to type my enterprise?

Sure! Grantees can determine how they wish to use their product code with LegalZoom. Some standard choices are enterprise formation, trademark, and authorized advisory.

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Is there an expiration date to make use of my product code with LegalZoom?

Sure. You will have six months to redeem your product code with LegalZoom.

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If I acquired a grant within the final cycle, am I eligible to reapply?

If you happen to acquired a grant in any earlier grant cycle, you’re ineligible to reapply. If you happen to solely acquired a LegalZoom product, you might reapply on your likelihood to obtain the grant.

Read more:: Can You Be Enrolled In Two Group Faculties At As soon as? Get the Particulars On Twin Enrollment – Unmudl

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