On Wednesday, February 24, 2021 at 8 a.m. CST, Small Business Administration will establish a 14-day, exclusive Paycheck Protection Program (PPP) loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring…
Read MoreThe Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal. The PPP loan portal system will initially accept First Draw PPP loan applications from participating Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. Second Draw PPP loan applications will be accepted starting…
Read MoreToday, the U.S. Small Business Administration, in consultation with the Department of Treasury, announced that the Paycheck Protection Program (PPP) will re-open on Monday, January 11, 2021 for new borrowers and some existing PPP borrowers. The initial wave of loans issued on Monday, January 11, and Wednesday, January 13, will only be available to community…
Read MoreYesterday, Congress passed a $900 billion economic relief package which has been sent to President Trump for his signature. The bill has a number of critically important provisions, such as extensions to state and local governments to spend previous dollars; direct payments to qualifying Americans; additional unemployment aid through the Pandemic Unemployment Assistance Program and…
Read MoreFree COVID-19 Mental Health Support Available through Heart of Texas MHMR Ten local organizations are partnering with Heart of Texas MHMR to promote free, confidential mental health services available to all Central Texans. Mental health needs have risen with COVID-19 and these organizations want community members to know there is help available at no cost…
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A new voucher program, Biz Bucks, is available now as part of the “All in for Downtown Waco” campaign put in place to help support local Waco businesses. The Biz Bucks program aims to boost shopping in historic areas around Waco and was created to help local small businesses who are suffering from the economic…
Read MoreYesterday the U.S. Senate passed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) and Governor Abbott released updated guidance in continuing to open up the Texas economy. Paycheck Protection Program Flexibility Act(H.R. 7010) While the Paycheck Protection Program (PPP) was a much-needed relief to small businesses, there were a number of areas of…
Read MoreCongress is expected to pass an additional $484 billion, with a major portion to be allocated to help small businesses through the COVID-19 pandemic. Authorization could come as soon as today. The legislation includes: $321 billion for the Paycheck Protection Program (PPP), $60 billion of which is set aside for “underbanked businesses” $60 billion for…
Read MoreAfter days of negotiating, the Senate and the House have just passed the third Coronavirus emergency spending package, known as the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), passed as the amended H.R. 748. During this time of national crisis, the $2 trillion bill includes $367 billion in forgivable loans to small businesses;…
Read MoreAs part of the federal response to the ongoing COVID-19 crisis, Congress passed and the president signed the Families First Coronavirus Response Act (FFCRA; also known as Phase Two Stimulus). The law was signed on March 18 and will take effect on April 1, 2020. A critical provision of the FFCRA is an expansion of…
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