All Posts By

Jerene Bustamante

SBA Paycheck Protection Program

By | blog, COVID19 | No Comments

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.  

This initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this crisis. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.

Where can one apply for the Paycheck Protection Program? At any lending institution that is approved to participate in the program through the existing U.S SBA 7(a) lending program and additional lenders approved by the Department of Treasury.

Learn more at: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0

TWU offers $1M in grants to small, women-owned businesses for COVID-19 relief

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TWU’s Center for Women Entrepreneurs is offering 100 AssistHER grants worth $10,000 each to small Texas businesses owned by women that demonstrate need as a direct result of the COVID-19 pandemic.

The money can be used for some operating expenses, technology upgrades or to adapt to a new business model. It cannot be used for sales tax, payroll, advertising, penalties and other items. Apply online!

Essential vs. Non-essential businesses

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On Wednesday, the Fort Worth Chamber of Commerce hosted the City of Fort Worth and covered the topic of essential vs. non-essential businesses. At this time, the following are considered essential:

  •  Landscaping and lawn mowing services are allowed and considered essential business. 
  •  Construction work with the exclusion of renovation is allowed and considered essential business.
  •  Car dealerships can keep online sales and car delivery; however, lot sales and test driving are not allowed.
  •  Essential retail stores include grocery stores, convenience stores, and restaurants (no dine-in availability)
  • Real Estate – title transactions in person are allowed. However, the City of Fort Worth encourages limiting the number of individuals in the same room.

For a list of essential and non-essential businesses (updated regularly), visit: http://fortworthtexas.gov/COVID-19-business/

  • Hotline (817)392-8478
  • Email: covid19@fortworthtexas.gov

Senate Approves $2 Trillion Coronavirus Stimulus Package

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On Thursday evening, Congressional lawmakers put the finishing touches on a $2 trillion stimulus bill to respond to the coronavirus pandemic, with cash and assistance for regular Americans, Main Street businesses and hard-hit airlines and manufacturers, among others. The Senate passed the bill, 96-0, and the House is set to follow suit Friday. The following are major inclusions that relate to small businesses:

  • $350 billion in loans for small businesses (< 500 employees)
  • Loans equal to the lesser of 2 1⁄2 months of payroll or $10 million
  • Loans convert to grants if used to maintain employees
  • Loans by local and national lenders
  • Liquidity help through the tax code
  • Delay for payment of employer payroll taxes
  • Net operating loss
  • Business interest deductibility
  • $425 billion for loans, loans guarantees, and support for the Federal Reserve
  • Federal Reserve could leverage $400 billion to up to $4 trillion
  • Separate programs for airlines and critical national security companies