The City of Irving offers a free downloadable Back to Business Retail Professional and Service Industry Toolkit for Irving business owners who may have questions regarding state and county guidelines and how to safely reopen. For more information and guidance for reopening in Irving, visit the City of Irving's Back to Business Resources
The Cornonvirus Aid, Relief, and Economic Security Act (CARES) is to assist small business owners, certain non-profits, and other employers with their immediate needs. This summary provides a guide to programs and initiatives that will be available from the Small Business Administration (SBA). For more clarification and availability of these programs, refer to the SBA Dallas/Fort Worth District Office. This summary also includes programs for other affected businesses other than small businesses as well as tax provisions beyond the scope of the SBA.
Click here to find resources for free local assistance with these programs.
Local SBA Contact Info
150 Westpark Way Ste. 130
Euless, Texas 76040
Small business owners are eligible to apply for an Economic Injury Disaster Loan with a Grant of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance (grant) will provide immediate economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance (grant) will not have to be repaid even if the loan is later denied. The business can apply for both an Economic Injury Disaster Loan and a Payroll Protection Program Loan as long as they don't pay for the same expenses. Loans are available available through December 31, 2020.
Summary and Qualifications:
The Paycheck Protection Program provides cash-flow assistance to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven The PPP features forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities are eligible to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program is retroactive to February 15, 2020. Loans are available through June 30, 2020. Applications April 3, 2020 for small business and sole proprietorships, and April 10, 2020 for independent contractors and self-employed individuals.
Download the application here. Businesses can apply with any through any SBA lender or through any participating federally insured depository institution, federally insured credit union and Farm Credit System institution. Consult with you local lender to find out if they are participating or click here for a list of SBA lenders.
Summary and Qualifications:
This program provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, the SBA covers all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief is also available to new borrowers who take out loans within six months of the President signing the bill into law. This relief program does not apply to Paycheck Protection Program (PPP) loans.
Summary and Qualifications:
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. These loans will be repaid in full or in part by proceeds from the EIDL loan.
The SBA Express Loan provides small businesses with a term loan or a line of credit of up to $1,000,000 (previously $350,000). The loans are similar the SBA 7(a) loan, but they can be approved or denied within 36 hours. If approved, funds become available within 90 days. Lenders currently authorized to make 7(a) loans are automatically approved to make SBA Express Loans. These loans provide long-term working capital to purchase real estate, equipment, furniture, machinery, supplies, and materials, and cover construction or renovation costs. These loans are not forgivable.
If you need a business counselor to guide you through these and other programs or just need business advice, the Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter can assist you with free counseling. These resources have up-to-date information regarding COVID-19 and small businesses. Additionally, the Minority Business Development Agency's Business Centers (MBDCs), can provide programming to help their clients respond to COVID-19.
Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship
This provision would provide a refundable payroll tax credit for 50 percent of wages paid by eligible employers to certain employees during the COVID-19 crisis. The credit is available to employers, including non-profits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers who have experienced a greater than 50 percent reduction in quarterly receipts, measured on a year-over-year basis.
Wages of employees who are furloughed or face reduced hours as a result of their employer’s closure or economic hardship are eligible for the credit. For employers with 100 or fewer full-time employees, all employee wages are eligible, regardless of whether an employee is furloughed. The credit is provided for wages and compensation, including health benefits, and is provided for the first $10,000 in wages and compensation paid by the employer to an eligible employee. Wages do not include those taken into account for purposes of the payroll credits for required paid sick leave or required paid family leave, nor for wages taken into account for the employer credit for paid family and medical leave (IRC sec. 45S).
The credit is not available to employers receiving assistance through the Paycheck Protection Program. The credit is provided through December 31, 2020.
Delay of Payment of Employer Payroll Taxes
This provision would allow taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Payroll taxes that can be deferred include the employer portion of FICA taxes, the employer and employee representative portion of Railroad Retirement taxes (that are attributable to the employer FICA rate), and half of SECA tax liability.
Deferral is not provided to employers receiving assistance through the Paycheck Protection Program.