6/15/2020 - COVID-19 Business Resources EIDL & EIDL Advance Programs Re-Open Today

The U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal. These low interest loans include up to $10,000 in advance grants.

“The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact. With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza.

“Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible. To meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”

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Fort Bend County Small Business Emergency Grant Program

The Fort Bend County Commissioners Court created a Small Business Emergency Grant Program, allocating $22 million to address the financial hardships small businesses have experienced due to the COVID-19 pandemic. The grant program was developed in coordination and in conjunction with local economic development and chamber organizations after consultation with their many business owner members.

The available grants, which may be up to $10,000 per business, are available to small businesses who incurred eligible expenses under the CARES Act, including the purchase of Personal Protective Equipment, re-opening supplies, renovations, equipment, inventory, and remote working expenses, as well as and lease/mortgage assistance and utilities. The business must have incurred these expenses as of April 3, 2020 when the county issued the Stay At Home order.

The available grants, which may be up to $10,000 per business, are available to small businesses who incurred eligible expenses under the CARES Act, including the purchase of Personal Protective Equipment, re-opening supplies, renovations, equipment, inventory, and remote working expenses, as well as and lease/mortgage assistance and utilities. The business must have incurred these expenses as of April 3, 2020 when the county issued the Stay At Home order.

Please click here to Apply.
Please see webinar explaining the application process Here.
Please see slide deck from the webinar Here.

The online application process can be accessed from the county's website Monday at 8 am, www.fortbendcountytx.gov. Please check our website here for updated link to apply.

Paycheck Protection Program Set To Expire 6/30; $125 Billion Remain Untapped

The SBA confirms over $125 billion remain unallocated today in the existing Paycheck Protection Program. Businesses are encouraged to apply and receive underwriting approval before the program deadline, June 30th. Banks must receive underwriting approval before June 30th for the application to be considered (unless the deadline is extended by Congress).

Below are some additional details provided by SBA on revisions to the PPP loan program related to forgiveness. You can learn more or identify banks processing PPP loans on the SBA website.

  • Extends the maturity for loans made on or after June 5, 2020 from two years to five years.
  • Extends the covered period from June 30, 2020 to December 31, 2020 for forgiveness of PPP loans.
  • Extends the covered period for the use of loan proceeds from eight weeks to 24 weeks.
  • Provides a safe harbor for small businesses from the rehire requirements if the business owner can document their inability to hire employees for unfilled positions by December 31, 2020 or their inability to return to the same level of business activity because of federal COVID requirements pertaining to social distancing, sanitation, and worker safety.
  • Allows borrowers to use 60 percent of the loan amount for payroll costs and up to 40 percent for debt obligations, including interest on a mortgage, rent payment, or utility payment.
  • Extends the deferment period for loans retroactively until the amount of forgiveness is remitted to the borrower by the lender (the deferment period ends for all borrowers 10 months after the end of the covered period).
  • Delays the payment of employer payroll taxes until January 1, 2021 for PPP borrowers.
Thank you for your ongoing support to our organization and to Fort Bend County!