More than two dozen funding options are available for small businesses in the region to help them contend with impacts from the COVID-19 pandemic, but deadlines are approaching rapidly for some funding. Other options are also opening as well.
The funding sources—aside from the well-publicized federal Paycheck Protection Program—include disaster loans, express bridge loans, and geographically specific relief funds, according to a compilation assembled by the Dallas Regional Chamber, published here.
Submissions are due soon for business owners in Cedar Hill (June 30), Dallas County (outside of Dallas, June 28), the City of The Colony (June 30), and Tarrant County (July 1), according to the DRC’s compilation. There’s also still time to submit an application for the Paycheck Protection Program (June 30).
“We are happy to help [local businesses] recover some expenses but in the ‘Cedar Hill Way,’” Cedar Hill Mayor Stephen Mason said, following a Cedar Hill City Council vote to approve the fund. “We wanted to take it a step further and do something more—something to help them not just survive, but thrive.”
Cities, counties, and towns across North Texas—from Allen to Wylie—are offering funding initiatives for small businesses in their jurisdictions. Links to those initiatives are also available on the Chamber site.
Federal Funds Still Available
Small businesses may be eligible for three major federal assistance programs: Economic Injury Disaster Loans and Loan Advance; the Paycheck Protection Program; and the Employee Retention Tax Credit. Grants and loans are also being offered by lending institutions, corporations, and nonprofits.
Economic Injury Disaster Loans and Loan Advance
The Small Business Association’s Economic Injury Disaster Loan (EIDL) program provides small businesses with working capital loans of up to $2 million, which can provide vital economic support to help overcome the temporary loss of revenue. Small business owners are eligible to apply for a loan advance of up to $10,000. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. Business owners can start their application process here.
Paycheck Protection Program
Small businesses that haven’t applied for the Paycheck Protection Plan (PPP) are encouraged to reach out to their banks and to work through the application process. An additional $320 billion was added to the fund via the Paycheck Protection Program (PPP) and Health Care Enhancement Act on April 24. PPP provides 100% federally guaranteed loans to small businesses. Funding remains available, but the loan application deadline is June 30. Find more information on the application process here.
The PPP is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allocated $350 billion to help small businesses keep workers employed amid the economic downturn.
Express Bridge Loan Pilot Program
The Express Bridge Loan Pilot Program allows small businesses with an existing SBA Express Lender relationship to quickly access up to $25,000. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue and can be term loans or used to bridge the gap while applying for a direct SBA EIDL.
The Small Business Administration also has a Lender Match Program, which connects small businesses to lenders. To learn more about that, go here.
Employee Retention Tax Credit
The Employee Retention Tax Credit is for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. To learn about business eligibility, the tax credit amount, and other information, click here.
Other Loan and Grant Opportunities
Revive Dallas Small Business Relief Fund
The DEC Network (formerly the Dallas Entrepreneur Center) is leading the charge and the Dallas Regional Chamber and Dallas Community College are supporting the creation of the Revive Dallas Small Business Fund. This fund is primarily focused on providing forgivable loans of up to $25,000 to entrepreneurs/small businesses of color and women-owned businesses in the City of Dallas. Communities Foundation of Texas is the fiscal sponsor and LiftFund is the administrator of the funds. For more information, go here.
LiftFund and People Fund
LiftFund and People Fund are offering COVID-19 loan options through various public and private partnerships to help small businesses.
A version of this story first appeared on the Dallas Regional Chamber site. Dallas Innovates is a collaboration of D Magazine Partners and the Dallas Regional Chamber.
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