The PPP funds are exhausted. Time for Plan B. National Small Business Town Hall #4
Learn from the expert panelists about where the CARES Act is at as of 4/17 and hear answers to small business owner's burning questions including: Where to go from here? How to use the funds? Explaining the fine print?
0 Comments
Texas leads the country with the most approvals for the U.S. Small Business Administration’s Paycheck Protection Program as of April 13, according to SBA data obtained by the Texas Bankers Association.
Texas has approved 88,434 loans totaling $21.77 billion, as of April 13. California followed behind Texas, having approved 54,922 PPP applications totaling $20.85 billion in loans, as of April 13. Florida ranked third, having approved 52,021 loans totaling $12.65 billion. Overall, the average loan size is about $239,152, according to the data. March 26, 2020 — DENTON — Women-owned small businesses in Texas suffering financial losses associated with the coronavirus pandemic were thrown a lifeline today after the Center for Women Entrepreneurs at Texas Woman’s University announced a million-dollar grant program to help get them back on their feet.
Texas Woman’s University Chancellor Carine M. Feyten announced that the Center for Women Entrepreneurs is launching the AssistHER grant program, which will provide 100 $10,000 grants to women-owned small businesses in Texas that have been impacted adversely by the coronavirus pandemic. Grant funds can be used for operating expenses (excluding payment of sales tax and payroll, advertising, purchase of food for consumption, penalties and fees, and charitable donations), technology upgrades or help adapting to a new business model. To be eligible for the grants, businesses must be at least 51% owned by a woman, have a demonstrated need due directly to COVID-19, and be owned and operated in Texas. Awardees will be required to complete online training on how to maintain business operations in the current environment and report all expenditures of grant funds. Eligible businesses must be up to date on payroll, sales and other taxes and be properly permitted. UTSA launches COVID-19 Business Recovery Accelerator to help businesses access emergency funds4/15/2020 APRIL 15, 2020 — The UTSA Institute for Economic Development today launched the Small Business Development Center COVID-19 Business Recovery Accelerator (SBDC COBRA) to help small businesses weather the financial hardships caused by the coronavirus pandemic. COBRA is the only recovery accelerator of its kind in Texas to help stabilize and rebuild the small-business economy.
COBRA will provide small businesses with the counseling and resources to pursue loans from the financial industry and to begin recovering from the economic impact of the COVID-19 pandemic. The accelerator will serve businesses in Bexar County and 10 surrounding counties. It will be funded by a $1.2 million grant from the U.S. Small Business Administration. “For nearly 40 years UTSA’s economic development programs have been creating jobs, growing businesses and strengthening the economy,” said UTSA President Taylor Eighmy. “UTSA is committed to leveraging its knowledge enterprise to support the community in this time of need. I can think of no better way to do that than to pave the way for small businesses to get emergency financial relief.” Jenna Saucedo-Herrera, president and CEO of the San Antonio Economic Development Foundation, answers your questions on KSAT.
San Antonio is considered to be most prepared for a recession, according to a recent study by Moody’s Investor Service reported by Yahoo News.
Moody’s looked at the largest 25 U.S. cities and used four main factors to determine how prepared a city was for recession -- Fiscal volatility, reserve coverage, financial flexibility and pension risk. San Antonio’s bond ratings are among the highest of any major city in the United States. Austin, Boston, Charlotte, Denver, San Francisco, and Seattle are also best positioned to weather a recession, the study found. Chicago and Detroit are considered the least prepared. Both cities have credit ratings that fall under the non-investment grade category, which is the lowest rating. Governor, Goldman Sachs, LiftFund Announce $50 Million in Loans For Texas Small Businesses4/14/2020 AUSTIN — From Texas Governor's Office - Governor Greg Abbott today 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.
"Small businesses and their employees are at the heart of the Texas economy, and they need support during these difficult times,” said Governor Abbott. “These loans will help us revitalize our economy and restore Texans’ livelihoods as we respond to COVID-19. I thank Goldman Sachs and the LiftFund for providing this lifeline to Texas small businesses and their employees by providing them with the support they need to overcome the challenges posed by COVID-19. This partnership is an important first step in our journey to economic recovery in the state of Texas." "We have seen first-hand the determination and resilience of small business owners in Texas, having worked alongside them for years through our 10,000 Small Businesses program," said John Waldron, President and Chief Operating Officer of Goldman Sachs. "Goldman Sachs understands that our communities and economy rely on small business and we are doing everything we can to support this vital engine of economic growth and employment." Find creative ways to adjust in a time of crisis.
Here are seven entrepreneurs who are innovating and reinventing their businesses during the coronavirus pandemic.
Governor’s Small Business Series Webinar to be held 1:00pm - 2:00pm on Wednesday, April 15, 2020. Participation in the Webinar is FREE. The Governor’s Small Business Series Webinars provide Texas small business owners and entrepreneurs with timely, relevant, actionable information on the COVID-19 recovery resources such as Paycheck Protection Program, EIDL Loan Advance, SBA Express Bridge Loans, and SBA Debt Relief. Businesses will also get the chance to connect with local experts and support systems. Click here to Register
Knight Talks: Town Hall with Roy and Crenshaw Thursday, April 16 8:00 p.m. Many of the questions we're hearing in Texas are related to the Paycheck Protection Program (PPP), when to anticipate more help from the government, options for taking care of employees, and business interruption insurance. Join us for a virtual town hall meeting with Dr. Emily Williams Knight, President & CEO of the Texas Restaurant Association; Representative Dan Crenshaw (TX District 2); and Representative Chip Roy (TX District 21). Click here to Register Each employer must post a notice of the Families First Coronavirus Response Act (FFCRA) requirements in a conspicuous place on its premises. An employer may satisfy this requirement by emailing or direct mailing this notice to employees, or posting this notice on an employee information internal or external website.
The law requires alcohol manufacturers, wholesalers and brewpubs to submit monthly excise tax reports and payments to TABC on the 15th of each month. TABC will not seek to penalize licensees and permittees for late submissions that were caused by a circumstance outside of their control related to the coronavirus pandemic. The agency will assess whether a business qualifies for penalty relief on a case-by-case basis.
Unemployment Resources for Employees
For your employees with difficulties getting through to TWC, here are some phone numbers and e-mail addresses you can share that may help:
The Paycheck Protection Program (“PPP”) is the crown jewel of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act allocates $349 billion to the PPP loan initiative in an effort to stabilize small businesses during the COVID-19 outbreak and to allow them to retain their workforces while weathering the Coronavirus storm. But while $349 billion is a staggering number, it is unlikely to be enough to satisfy the demand for capital. The appropriated funds will go fast, and it is a first-come, first-served program. Indeed, reports are already indicating that Treasury Secretary Mnuchin is seeking an additional $250 billion for the PPP loan program.
Applications for PPP loans were available for submission on April 3rd. Processing began in earnest for small businesses and sole proprietorships this week. The U.S. Small Business Administration (the “SBA”) is opening up applications for independent contractors and self-employed individuals starting April 10th. The PPP gold rush is on and there is plenty of confusion and chaos to go with it. With many PPP borrowers having received their loan proceeds, or receiving them soon, what should borrowers be doing after receiving their loan? Here are five things that need to be on that list according to Forbes, Friday, April 3 was the first day small businesses and sole proprietors could apply for Paycheck Protection Program (PPP) loans. That day, Inc. editor-at-large Kimberly Weisul spoke with U.S. Chamber of Commerce executive vice president and chief policy officer Neil Bradley as part of the National Small Business Town Hall webinar series. Here are some of the most popular questions Inc. readers submitted during the town hall, along with answers from Bradley and other experts.
Inc. and the Chamber will hold its third town hall in the series Friday, April 10 at 12 p.m. Eastern. Registration is now open. 1. Which lenders are accepting applications for PPP loans? The loans are being made available using a tiered rollout system, with traditional Small Business Administration lenders being the first institutions that can accept applications. Other financial institutions--including credit unions, Farm Credit System institutions, and Community Development Financial Institutions (CDFIs)--are now in the process of being added and will begin accepting applications in the coming days--if they haven't already. With the foodservice sector hit hard by the coronavirus pandemic, Texas grocer H-E-B is helping out local restaurants by selling their meals in its stores.
Under a pilot program, H-E-B is carrying ready-made meals from five restaurants at 29 supermarkets in San Antonio, Houston and Austin. All proceeds from the sales of the chef-prepared meals will go directly to the restaurants, the San Antonio-based grocery chain said. “We are a family of foodies, and we have a deep relationship with lots of restaurants and chefs. So this is something we wanted to do to help in these difficult times,” Dya Campos, director of government and public affairs at H-E-B, said in a statement. |
Is your question not addressed in these resources?
|