COVID-19 Economic Resources
COVID-19 is taking a substantial toll on the local economy and the financial well-being of the businesses and citizens of Cleburne. The City of Cleburne Economic Development team wants you to know that we are here to help! Due to new legislation just passed at the Federal level, there are many new financial resources out there to help your business and employees weather this temporary storm. These programs apply to businesses of ALL sizes and can assist you, your employees and their families.
Texas Governor Greg Abbott announced the availability of additional financial resources available to Texas small businesses that have been negatively affected by the COVID-19 virus. Goldman Sachs and LiftFund, along with other Community Development Financial Institutions (CDFI’s) are partnering to provide $50 million in loans as part of their “10,000 Small Businesses” program.
This program is in addition to the others currently being offered by the Small Business Development Center (SBA), so please visit the LiftFund website for more details about the program.
Temporary programs available to small businesses under the CARES Act:
- Paycheck Protection Program (PPP) - An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
- Economic Injury Disaster Loan (EIDL) Program - This loan advance will provide up to $10,000 of economic relief to businesses that are experiencing temporary difficulties. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
- SBA Express Bridge Loans – Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
Texas Workforce Commission (TWC) Programs for Employers:
- Shared Work Plan (alternative to layoffs) - The Shared Work program provides Texas employers with an alternative to layoffs. TWC developed this voluntary program to help Texas employers and employees withstand a slowdown in business. https://www.twc.texas.gov/businesses/shared-work
- Mass Unemployment Claims program - The Mass Claims program streamlines the unemployment benefit claims process for employers faced with either temporary or permanent layoffs. Employers can submit basic worker information on behalf of their employees to initiate claims for unemployment benefits. https://www.twc.texas.gov/businesses/mass-claims-unemployment-benefits
Temporary programs available to individuals economically impacted by COVID-19:
- Texas Workforce Commission (TWC) - https://www.twc.texas.gov/news/covid-19-resources-job-seekers
- CARES Act, just signed into law - https://money.com/coronavirus-stimulus-check-sba-loan-unemployment/
- Stimulus checks ($1,200 for individuals, $2,400 for couples filing jointly)
- Additional $600 per week in unemployment benefits
- Workforce Solutions of North Central Texas - https://dfwjobs.com/
Local SBA contact:
Ken Byrd, Small Business Development Center (SBA)