UPDATE: Cedar Park, Georgetown and Round Rock have closed their application process. Also, the Small Business Administration has closed the application process for its Paycheck Protection Program (PPP).
The cities of Cedar Park, Georgetown, Hutto, Round Rock, and Taylor, along with their chambers of commerce and other partners, have come forward with options to help small businesses and offer ways the community can directly help these businesses, too. In addition, the State of Texas and Small Business Administration have programs to help businesses.
The Cedar Park City Council authorized a program to provide small businesses located within the City of Cedar Park City limits financial assistance in response to the COVID-19 pandemic (“Program”). The Resolution authorizes an agreement in a total amount of $200,000. It is funded by Economic Development (Type 4A) sales tax funds. The Cedar Park Chamber of Commerce will administer the Program, providing up to $10,000 in financial assistance for each qualifying Cedar Park small business. The Program will provide a total amount up to $200,000 for those eligible Cedar Park businesses. For more information, click here.
As Georgetown small businesses continue to suffer financial fallout due to the coronavirus pandemic, the Georgetown Chamber of Commerce and the City of Georgetown have approved funding for the COVID-19 Small Business Resource Grant. Each entity has committed $100,000 to this grant, which seeks to provide immediate financial relief to Georgetown’s small businesses in amounts up to $5,000. The grant will assist with business expenses, such as rent and employee payroll. Businesses may visit www.georgetownchamber.org/coronavirus-grant for more information and to learn how to apply for funding.
The Hutto Community Development Corporation has created an Economic Recovery Loan program for local small businesses. Borrowers will be able to access up to $25,000 at 0% interest. The loan features a 3-month initial deferment period, with no payments due until after 90 days, and a 24-month loan term following the deferment period. For more details, click here. To get an application, email [email protected] or [email protected]
The Leander City Council approved a COVID-19 Emergency Business Grant program to provide working capital for personnel costs, rent, utilities and critical business equipment or supplies for existing small businesses within the city of Leander, Texas, that are experiencing a loss of business due to the COVID-19 crisis. The city’s existing Old Town Incentive Grant, which has $208,000 in unused funds in 2020, will serve as the program’s funding source. Qualified applicants will be eligible for economic development grants in the amount of $2,500 and $5,000, for businesses who can demonstrate direct negative impacts on their business related to the COVID-19 pandemic. Preference will be given to businesses that are not classified as an Essential Businesses and to Essential Business whose operations are restricted under state or local orders. There is a limit of one grant per applicant, per funding period. This funding period will expire on May 31, 2020, but may also be extended by Leander City Council at a later date. Applicants are encouraged to apply as soon as possible as a limited amount of funding is available for this program. For more information, click here.
The City of Round Rock, the Greater Round Rock Community Foundation, the Round Rock Chamber and Dell Technologies are pleased to announce their new collaboration to assist the Round Rock small business community: Round Rock Cares. Round Rock Cares is a fund designed to support Round Rock small businesses in these uncertain times, and allows the community to donate to the cause which will directly help small businesses in Round Rock. Learn more about Round Rock Cares and how you can donate by visiting their website: https://rrcommunityfoundation.org/project/round-rock-cares/
The Taylor Chamber of Commerce is offering a Taylor Small Business Support and Recovery Grant for non-home based, small for-profit businesses located in the city limits of Taylor. For information and an application, click here.
Governor Abbott announced that Goldman Sachs and the LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been affected by COVID-19 as part of the Goldman Sachs 10,000 Small Businesses program. These loans, made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), will primarily be used for payroll so that employees can continue to receive paychecks and small businesses can retain their employees and will be partially or wholly forgiven. For more information, click here. Business owners can apply for a PPP loan and find more information about the program on the LiftFund website.
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. For more information from the U.S. Small Business Administration and to review their Small Business Guidance & Loan Resources, visit their website: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources. For Coronavirus Relief Options, including the Paycheck Protection Program (PPP), click here. The Paycheck Protection Program provides small businesses and tax-exempt nonprofits with funds to pay up to 8 weeks of payroll costs including benefits. Funds also can be used to pay interest on mortgages, rent, and utilities. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Businesses can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. For more information from the SBA, click here.