Business Funding Assistance
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers programs to provide assistance to businesses. Read a summary of these options; the Small Business Owner’s Guide to the CARES Act; or view a simple flow chart. Key components include:
- The Paycheck Protection Program (PPP), provides forgivable loans to entrepreneurs, independent contractors and small businesses to help cover up to eight weeks of payroll costs, interest on mortgages, rent and utilities. It incentivizes businesses to retain employees on payroll and maintain salary levels.
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.
Contact your existing lender for details. The Irving-Las Colinas Chamber’s offers a list of Irving lenders and the Irving Hispanic Chamber’s also offers a list of Irving lenders.
View the nation’s top 7(a) lenders. The SBA website also offers a service to to find a local lender.
Community Development Financial Institutions (CDFIs) finance community businesses, including small businesses, microenterprises, nonprofit organizations, commercial real estate and affordable housing. Locally, some have developed COVID-19 loan products and servicing PPP Loans:
- Lift Fund
- Woodforest National Bank
- Find more CDFIs
Additional information on PPP is available at:
- SBA’s Paycheck Protection Program Loans FAQs
- U.S. Treasury’s Paycheck Protection Program Guidance and Fact Sheet
- U.S. Chamber of Commerce Small Business Guide and Checklist
- Irving-Las Colinas Chamber of Commerce Overview and Step-by-Step Guide to PPP
PPP Loan Forgiveness: Under the PPP, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses. PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
- The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness.
- Access the US Chamber Guide to PPP Loan Forgiveness to under the process for calculating the amount of forgiveness and overall forgiveness process
- The Economic Injury Disaster Loan Program (EIDL), offers lower interest loans to designated disaster areas for use as working capital by small businesses that have suffered substantial economy injury due to COVID-19. These loans can be used to pay fixed debts, payroll and accounts payable, as well as other expenses that can’t be paid due to the impact of the disaster. The grant now includes a grant component of up to $10,000. Apply directly through the Small Business Administration (SBA) website.
- U.S. Chamber of Commerce Guide to SBA’s Economic Injury Disaster Loans
- SBA’s Guidance to Disaster Assistance (EIDL) Application
- Irving-Las Colinas Chamber of Commerce Overview and Step-by-Step Guide to EIDL
- The Main Street Lending Program offers relief for a broader scope of businesses than CARES Act by focusing on both small and mid-sized businesses. Firms that have taken advantage of the PPP may also take out Main Street loans. Loans are not forgivable. The program will operate through 3 facilities: Main Street New Loan Facility (MSNLF), Main Street Priority Loan Facility (MSPLF), and Main Street Expanded Loan Facility (MSELF). View the term sheets and FAQs.
- US Chamber Guide to the Main Street Lending Program
- 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.
- The SBA Debt Relief program provides financial relief by paying principal, interest and fees current and new 7(a), 504, and microloans.
- Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business is fully or partially suspended because of COVID-19 or whose gross receipts declined by more than 50%.
- Payroll Tax Deferral allows employers and self-employed individuals to defer payment of the employer share of the Social Security tax they otherwise are responsible for paying the federal government with respect to their employees. The deferred employment tax can be paid over the next two years, with half of the required amount to be paid by Dec. 31, 2021 and the other half by Dec. 31, 2022.
- Bankruptcy Relief - The CARES Act provides bankruptcy relief for small businesses by raising the maximum debt threshold for eligibility to $7.5 million and excluding coronavirus-related payments from the federal government from income for purposes of filing bankruptcy.
- Small Business Counseling - The CARES Act includes $265 million for counseling, training and related assistance to small businesses affected by COVID-19 through grants to SBA resource partners, including Small Business Development Centers and Women’s Business Centers, and includes $10 million for the Minority Business Development Agency to provide these services through Minority Business Centers and Minority Chambers of Commerce.
Shared Work Program
The Texas Workforce Commission (TWC) Shared Work Program is an alternative to layoffs. The voluntary program was developed to help Texas employers and employees withstand a business slowdown. Employers can reduce the work hours of employees rather than laying them off. TWC pays shared work employees partial unemployment benefits to supplement the wages lost to working reduced hours.
- Creative Capital’s Art Resources: A list of resources for artists working in all disciplines, as well as arts philanthropists and arts professionals.
- Facebook Small Business Grants Program: Offering $100 million in cash grants and credits for up to 30,000 eligible small businesses in the more than 30 countries where Facebook operates.
- Google Support for Small- and Medium-Sized Businesses (SMBs): Google is providing access to capital, Google ad credits and more for small- and medium-sized businesses impacted by the COVID-19 pandemic.
- Hello Alice Small Business Emergency Grants: Offers $10,000 grants to small businesses impacted by COVID-19. Grant recipients also receive ongoing support from the Hello Alice community.
- The James Beard Foundation Food and Beverage Industry Relief Fund: Developed to provide critical financial assistance to small, independent restaurants that, due to the COVID-19 national disaster, have an immediate need for funds to pay set operating expenses and keep from going out of business.
- MusiCares COVID-19 Relief Fund: The Recording Academy and its affiliated charitable foundation MusiCares established the fund to help peers in the music community affected by the coronavirus pandemic. Apply for assistance, or make a difference by donating.
- Salesforce Care Small Business Grants: Offers $10,000 grants to small businesses impacted by COVID-19, along with a virtual toolbox of free resources, solutions and tips.
- Texas Downtown Association: A list of various funding opportunities for small businesses.
- Texas Film Commission: COVID-19 Texas Updated Resources & Communication for Film Industry.
- Texas Music Office: Assistance information and resources for music industry professionals.
- Texas Restaurant Association – Texas Restaurant Relief Fund: Created to support independent restaurants, the Texas Restaurant Relief Fund will distribute grants of up to $5,000 per unit to immediately support their financial needs. These funds are earmarked specifically for use to keep restaurant doors open and workers employed. Click here to apply.
- Texas Women’s University AssitHer Emergency Relief Grants: Assists Texas, woman-owned businesses that have been impacted by COVID-19. A total of $1 million (100 grant awards of $10,000 each) is available. Learn more about the program.
- Transforming Lives Through the Arts (TACA) Emergency Arts Relief Fund: Provides short-term immediate relief to Dallas County nonprofit arts organizations who have experienced lost revenue or increased expenses due to COVID-19 precautionary measures. Eligible organizations can receive awards of up to $10,000.
- U.S. Chamber of Commerce | Save Small Business Fund – Offering short-term relief of $5,000 grants for small employers in economically vulnerable communities.
- Verizon Small Business Recovery Fund: In partnership with Local Initiatives Support Corporation (LISC), Verizon is investing $2.5 million of grants up to $10,000 for businesses facing immediate financial pressure - especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities.