Tarrant County (Pantego) Small Businesses
On June 2, 2020, the Commissioners Court approved the Tarrant County Small Business Assistance Grant Program. The program is designed to provide financial assistance to small businesses that have been affected by COVID-19. The link provides details on the grant application process and requirements. Applications will be accepted beginning June 22, 2020 at 10:00 am and ends July 1, 2020 at 6:00 pm. It is suggested that you begin the process and gather documents immediately to begin the process on June 22, 2020.
For more information visit: Tarrant County Small Business Assistance Grant Program.
Guidance for Restaurants during this time:
Paycheck Protection Program, a federal relief program intended to provide small businesses with forgivable loans to keep workers employed during the COVID-19 crisis still has funds available. The program ran out of the initial $349 billion the federal government earmarked for it in just 13 days. The CARES Act, also known as the Phase 3 relief bill, added an additional $310 billion. Smaller businesses have a better chance at receiving funds in this second round of funding. The new bill provides $30 billion specifically for community lenders, small banks and credit unions. An additional $30 billion will be allocated for medium-sized banks and credit unions. The Paycheck Protection Program is intended to provide up to $10 million in loans per small business. It could play a crucial role in keeping businesses afloat while the economy is nearly shut down during the pandemic. It is estimated that more than $100 million in PPP funding went through Arlington Banks to Greater Arlington area businesses.
An update on the PPP Loan HERE.
SBA Loan process: For additional information on Texas business-related COVID-19 resources, including a list of required documentation visit gov.texas.gov/business/page/coronavirus
Valuable resources for businesses and nonprofits:
Forbes article with a breakdown of the CARES Act: https://www.forbes.com/…/the-cares-act-has-passed-here-ar…/…
Our neighbor, the City of Arlington, does have a great website as well, https://www.arlingtontx.gov/coronavirus which includes a section on business resources.
The Greater Arlington Chamber of Commerce also has a resource page at https://www.arlingtontx.com/covid-19/ which covers many of the items we covered today and more.
TWU AssistHer Grant: https://twu.edu/center-wo…/assisther-emergency-relief-grant/
The Texas Restaurant association has created a relief grant through their Foundation. They have temporarily halted applications as there have been many – but stay tuned for updates as they continue to raise funds to fulfill the grants. https://mailchi.mp/txrestaurant.org/txrestaurantrelieffund
The Fort Worth Star-Telegram is creating a free directory tool for small businesses. More information can be found here: https://www.star-telegram.com/…/coron…/article241680416.html