Arlington Banks are Swiftly Processing and Approving CARES Act Applications for Local Small Businesses and Non-profit Organization Assistance

By Office of Communication

Posted on April 16, 2020, April 16, 2020

On March 27, 2020, President Trump signed the CARES Act as a response to the economic crisis due to the COVID-19 pandemic. This $2 trillion emergency package provides additional funding to business and nonprofit assistance programs that may help Arlington small businesses in their fight to survive during this pandemic. Programs available through the Small Business Administration (SBA) include the Paycheck Protection Program (PPP), the Emergency Injury Disaster Loans (EIDL) and the Small Business Debt Relief Program.

Many businesses throughout Arlington have submitted applications to access these programs, and local bank branches are working hard to quickly process these applications to support the Arlington business community. Affiliated Bank in Arlington reports they are working 10 hours a day, 7 days a week to process all of the loan applications they have received.

One of the applications approved by Affiliated Bank includes the Levitt Pavilion. Executive Director Letatia Teykl said, “It took less than a week from the time we pulled the information together to the time we submitted. Once we closed, funds were received. In a time where businesses are having to restructure, or the new word ‘pivot,’ some of our committed funding has been reduced. The SBA PPP funds will allow us to continue to operate during this time. We also have to prepare for the changes in our expenses as we operate in an environment with potential new restrictions on how we operate the outdoor concert season at the Levitt Pavilion Arlington.”

Three bank branches alone have reported more than 1,100 approved applications with more than 700 pending. Among those already approved in Arlington are 3Di Sign+Design and the Arlington YMCA. Banks are also reporting that although there was a large rush of applications when the program was first announced, delaying processing times, the volume of applications has begun to slow down.

The Greater Arlington Chamber of Commerce has estimated that as of April 15, more than $100 million in loans have been approved by local banks so far, with more on the way.

All Arlington business owners should check with their financial institutions to determine if applications are available.

“Review your revenue stream to see if the loss of revenue would cause issues in funding payroll for your organization. Visit with a banking officer regarding the bank process for submitting. Go to the Greater Arlington Chamber of Commerce website and listen to the webinars that are available on funding opportunities,” Teykl recommends.

For more information on small business relief and resources, please visit the Arlington Small Business Resources section of the City’s coronavirus website at www.arlingtontx.gov/coronavirus.