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Small to Medium Business Financial Relief Resources During COVID-19
As a resource to the small business community in Ft. Worth we are doing our best to disseminate the information being put out by the government regarding the available financial relief. We are not experts and suggest you seek counsel from your attorney and accountant. We will continue to update information as it becomes available to us.
The US $2T CARES Act
A new $484 billion coronavirus relief package has been signed on Thursday, April 23, 2020.
The new bill contains about $320 billion for the Paycheck Protection Program (PPP) and $60 billion for the SBA’s Economic Injury Disaster Loan (EIDL) program. It’s also providing about $75 billion for hospitals and $25 billion for coronavirus testing.
EIDL and PPP loans are processed on a first-come, first-served basis.
The $360 billion funding from the first bill has depleted within two weeks since it opened last March 27, 2020.
Lawmakers are still expected to put together a larger package to follow the CARES Act.
On March 27, 2020, the largest economic recovery package in American history has been signed into law. The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 will allocate $350 billion for small businesses affected by the pandemic through loan programs: an expanded Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP).
The PPP loans aim to provide the liquidity that small businesses need to support employees during the pandemic.
Note: The information below may be out of date but can still be helpful. The items with the most current date is the latest information available.
Start by reading this document. The government has put together a fairly comprehensive list of the available funding, how to apply and additional resources to help you get through this difficult time.
Types of Loans
3 primary types of assistance right now.
PPP or CARES Act - Paycheck Protection Program. This is For small businesses, self-employed and gig economy. A good portion or all of this can be forgiven. Click HERE for more details.
COVID-19 EIDL or Economic Injury Disaster Loan. This is for express cash up to $10,000. This can be rolled into the PPP loan and potentially forgiven. Click HERE for more details.
Small Business Debt Relief for businesses with current SBA loans. Provides for principal and interest payment up to 6 months.
PPP or CARES Act
- Submitted through a local bank that processes SBA loans
- Read the borrower information HERE
- NEW Business Loan Program Temporary Changes as of 4.3.2020
- Complete the APPLICATION
- Reach out or your local banker or find an SBA approved bank
- NEW from SBA on EIDL - READ FIRST
- Fill out this online APPLICATION and submit
Small Business Debt Relief
- Speak to your banker for your existing SBA Loan
- Information has not been released on this that we can find at this time.
Right now, these are the only Grants we are aware of outside of the government grants. If you know of one, please email us firstname.lastname@example.org.
Texas Woman's University: providing $10,000 grants to Texas-based woman-owned businesses. Click HERE for details.
Resources for Women-Owned Businesses in Response to COVID-19: Click HERE for details.
Facebook: they will be providing grants but they haven't opened the application yet. You can sign up to be contacted once the program goes live. Click HERE for details.
State Grants: research your state for grants related to your industry, gender or other relief funding for small businesses.
The Small Business Development Center (SBDC) assists existing and prospective small business owners by offering a wide variety of services that include one-on-one advising, assistance with financing, accounting, market research, business plan development, and marketing. Partnering with local agencies and organizations, we provide entrepreneurs with valuable connections and resources to help them start and grow sustainable successful businesses.
Texas Workforce Commission
Texas Workforce Commission (TWC) is the state agency charged with overseeing and providing workforce development services to employers and job seekers of Texas. TWC strengthens the Texas economy by providing the workforce development component of the Governor's economic development strategy. Texas boasts an incredibly skilled workforce ready to attract enterprise to the Lone Star State. By focusing on the needs of employers, TWC gives Texas the competitive edge necessary to draw business here.