UPDATE Paycheck Protection Program for Small Business Resumes April 27th

UPDATE: The Paycheck Protection Program resumed accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT. Go to the SBA website https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program to find a lender and to apply.

Original 4/4/2020 Post:

If you or your neighbors own small businesses, the following information may be helpful. Small business owners can now apply for loans through the Paycheck Protection Program. People who are self-employed or independent contractors may also apply beginning April 10th. The loan application is very brief, and applications may be submitted through any FDIC institution. The following details are from Robert Sturns, the City's Economic Development Director:

ASSISTANCE FOR SMALL BUSINESSES

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

CLICK HERE for a Top-Line Overview of the Payroll Protection Program

(https://home.treasury.gov/system/files/136/PPP -- Overview.pdf)

CLICK HERE to see the Payroll Projection Program Fact Sheet for borrowers and small business owners.

(https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf)

CLICK HERE to download the Payroll Protection Program application for borrowers

(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf)

If you’re a lender, CLICK HERE for more information about this program.

PRESERVING JOBS FOR AMERICAN INDUSTRY

The CARES Act assists eligible businesses looking for payroll support to keep Americans working. For more information, CLICK HERE.

The IRS rolled out a refundable tax credit that is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. For answers to frequently asked questions, CLICK HERE.

Robert Sturns

Director Economic Development Department 1150 S. Freeway, Fort Worth, TX 76104 Office: (817) 392-2663