Applications accepted starting June 22 for $30 million in
Tarrant County Small Business Assistance Grants
Mansfield small businesses negatively impacted by the pandemic could receive assistance from additional funds in the CARES Act recently approved by the Tarrant County Commissioners Court.
The court allocated $30 million in funds to the Tarrant County Small Business Assistance Grant Program, which will provide help with costs associated with the public health emergency shutdown to companies that have fewer than 25 employees.
The application period begins at 10 a.m. Monday, June 22, and ends 6 p.m. Wednesday, July 1.
The amount of individual grants will be determined by financial information provided in the application, the number of eligible grand applications received and the amount of funds available. Grants are limited to $10,000 and will be on a reimbursement basis. About $6 million of the total grant funds (20 percent) is being allocated for businesses with 51 percent minority, woman or veteran ownership.
Grant criteria includes:
- a small business with 25 or less FTE employees
- located within Tarrant County and outside the City of Fort Worth
- a for-profit business in operation in Tarrant County as of Jan. 1, 2020
- limited to one (1) business per owner(s)
- business was closed or partially closed due to COVID-19
- business shows a reduction in net profit or an increased loss from COVID-19
Allowable expenses for grant reimbursement consideration includes:
- payroll costs for employees
- contract labor
- supplier payments
- rent, lease or mortgage payment (excluding escrow for property taxes) for real property used for business purposes (i.e. storefront or warehouse, excluding personal residence.)
- rent, lease or purchase payment for business property (e.g., delivery vehicle, food truck, kitchen equipment, technology, payment and communications systems and equipment)
- new or expanded technology applications and Wi-Fi services
- utility payments for business properties (excluding personal residence)
- cost of critical business operations (raw materials, inventory spoilage, etc. payments)
- PPE and sanitation supplies and equipment
- interest on other business debt obligations incurred before Jan. 1, 2020 (excluding personal residence)
- other reimbursable costs of business interruption contemplated by the CARES Act.
Governor announce $50 Million in loans for Texas small businesses
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.
Goldman Sachs will provide the capital as part of its $550 million commitment to COVID-19 relief, and LiftFund, alongside other CDFIs, will administer the funding to qualified small businesses. If all stipulations are met, small business can have their loans forgiven in full by the SBA. Business owners can apply for a PPP loan and find more information about the program on the LiftFund website.
LiftFund is a non-profit organization, headquartered in San Antonio, that helps small business owners with limited access to capital. The company offers small business loans and minority business loans for entrepreneurs. LiftFund partners with SBA lenders and other lending institutions to provide startup loans, SBA 504 Loans, and microloans in Texas, and throughout the South Eastern U.S. In 2018, LiftFund had 591 donors, 118 investors, 500 partners, and 100 employees.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Governor’s Office lists state resources for businesses and workers
The Governor’s Office of Economic Development has provided resources for businesses and workers during the COVID-19 public health emergency. The website offers information on SBA loans and unemployment benefits. https://gov.texas.gov/business/page/coronavirus
TEDC provides resources for Texas businesses during COVID-19 crisis
The Texas Economic Development Council is providing extensive resources for businesses during the COVID-19 crisis. Their website has updates, resources, webinars and publications. https://texasedc.org/resources/covid-19-resources-updates-and-links
Small Business Administration disaster assistance information
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, the SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. The SBA disaster website has all the details.