Help for Small Business Owners
Federal Financial Resources
If COVID-19 has created a cash flow emergency for your business, you may be able to obtain an emergency loan from the U.S. Small Business Administration (SBA) through a program created specifically to address these circumstances.
- There are four (4) primary programs available through the SBA and the Coronavirus Aid, Relief, and Economic Security (CARES) Act established several new temporary programs to address the COVID-19 outbreak.
- Paycheck Protection Program – This loan program provides loan forgiveness for retaining employees. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. The Paycheck Protection Program resumed on January 11, 2021.
- Economic Injury Disaster Loan (EIDL) Emergency Advance – The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. While the SBA is currently accepting new EIDL applications from qualified small businesses, the EIDL Advance is no longer available as all funds for the program have been allocated.
- SBA Express Bridge Loans – allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
- SBA Debt Relief – The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
- Visit an SBA Local Office – SBA District Offices offer counseling, training and business development to help you start and grow your business.
- The U.S. Senate Committee on Small Business and Entrepreneurship has a webpage dedicated to resources available for small businesses and entrepreneurs. Learn more here.
- Small Business Administration has information and guidance for small businesses on the different loan resources available.
- Department of Treasury has a webpage dedicated to the CARES Act.
State Financial Resources
Shared Work Program – As an alternative to layoffs, the TWC is encouraging employers to enroll in the Shared Work program. A voluntary program, it was developed as a way to help Texas employers and employees withstand a business slowdown, such as occurred due to COVID-19. Under this program, an employer can supplement an employee’s lost wages because of reduced hours worked with partial unemployment benefits. Learn more here.
The Product Development and Small Business Incubator Fund (PDSBI) is a Texas economic program. The fund provides asset-backed financing to companies doing business in Texas through loans with competitive lending rates. Loans can be amortized up to the life of the asset. More information on the loans can be found here.
Loan and Grant Options
Dallas’ Small Business Development Financial Institutions (CDFIs) have developed COVID-19 loan products:
- Lift Fund: Disaster relief loans of up to $50,000 available for small businesses with up to 120-day payment deferment. Learn more here.
- PeopleFund: Their website features a number of loan programs available to assist small business owners. Learn more here.
Alliance Lending Corporation can provide fixed-rate loans to for-profit, owner-occupied businesses across the state. More information, including contact numbers, can be found on the organization’s website.
Carrollton Business Owners – Economic Development Staff is available by phone at 972-466-3299 or by email at firstname.lastname@example.org to assist local businesses and offer guidance. Learn more here. Additional resources for businesses can be found here.
The Texas Department of Insurance has a coronavirus resources page that provides information for stakeholders in the Texas Workers’ Compensation system. Learn more here.