SAN ANTONIO – Editor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.
As the coronavirus pandemic forced the closure of restaurants and other small businesses, governments and nonprofits at the federal, state and local levels are pitching in to help small businesses as their revenue is cut short.
On the forefront of businesses' minds is the Paycheck Protection Program, part of the $2 trillion stimulus package, the CARES Act, which passed through Congress and became law March 27. In addition to the federal relief, there are several state and local programs available to keep employees on payroll and doors open.
Here are some programs San Antonio small businesses can take advantage of:
Business owners and nonprofits in Texas that have fewer than 500 employees and have incurred financial hardship due to COVID-19 will be able to apply for the SBA’s Disaster Loans directly through the administration, each up to $2 million.
The Westside Development Corp. board of directors allocated up to $50,000 total in loans on March 27 to small businesses on the West Side suffering from the economic impacts of COVID-19.
The Texas Restaurant Association Education Foundation has established TX Restaurant Relief Fund to keep independent restaurants open and workers employed. The fund has a goal of raising at least $10 million, which would provide $5,000 grants to 2,000 restaurants across the state.
The state’s Product Development and Small Business Incubator Fund provides asset-backed financing to companies doing business in Texas through loans with competitive lending rates. Loans can be amortized up to the life of the asset.