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 several business and nonprofit assistance programs that may be of assistance to Arlington small businesses fighting to survive during this pandemic.

Emergency Economic Injury Loans and Grants: The bill provides an additional $562 million in Economic Injury Disaster Loans for small businesses and private non-profits impacted by COVID-19. Organizations that apply may also request to receive an emergency advance of up to $10,000. Please click the following links for information on eligibility and how to apply.

Paycheck Protection Program: Provides cash-flow assistance to employers who maintain their payroll during the pandemic. Loans will be provided starting at 250% of average monthly payroll and capped at $10 million, and payments will be automatically deferred for one year. Other benefits include up to 8-weeks of payroll forgiveness if the borrower maintains its payroll as well as waivers for Small Business Administration (SBA) fees for both the borrowers and lenders. The bill aims to have loans available immediately through more than 800 existing SBA-certified lenders. Loans are available through June 30, 2020. Click the following links for an overview, information for lenders, information for borrowers and how to apply.

Small Business Debt Relief Program: This program provides immediate and automatic relief to small businesses with non-disaster SBA loans, specifically existing SBA 7(a) loans, 504 loans and microloans. This relief is also applicable to new loans for the following six months. Under this program, SBA loan payments, including principal, interests and fees, will be covered for six months. Please visit this page for information on these non-emergency loans and eligibility requirements.

Small Business Development Centers and Women’s Business Centers: An additional $265 million was provided for counseling, training and related assistance to small businesses. Click here to find local SBA assistance and click here to find the Dallas Minority Business Development Agency Business Center near you.

For more details on what programs received aid through the CARES Act, please visit the Senate Committee on Small Business’s summary.

For additional information on COVID-19 related assistance for small businesses, please visit the Arlington Small Business Resources tab on www.arlingtontx.gov/coronavirus.