(April 30, 2020) The City of Dallas officially announced today the Small Business Continuity Fund.

https://www.dallasecodev.org/565/Small-Business-Continuity-Fund

Beginning on May 4th, 2020, the Office of Economic Development will begin accepting applications for the Small Business Continuity Fund (SBCF) program. That application will be accessible at www.dallascityhall.com. The SBCF program is funded through the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) funding, and is available to low-to-moderate income (LMI) microenterprise business owners (less than 5 employees) or small businesses with 50 or fewer employees that retain LMI workers. Businesses must be located in the City of Dallas. Businesses can apply for either a $10,000 maximum grant or a $50,000 maximum loan, but may not apply for both. Businesses must demonstrate at least a 25% reduction in sales/revenue as a result of the COVID-19 virus. Due to CDBG program requirements, non-profits are not eligible for this funding.Applications will be accepted from May 4th to May 11th, 2020. After May 11th, a lottery will conducted to select businesses for funding. Businesses must submit a complete application to be eligible for selection in the lottery, and must be able to provide complete documentation to a third party provider prior to any execution of a grant or loan. If you think your business might be eligible, please check https://www.surveymonkey.com/r/FTK5GCS. For more information, please review the FAQs document or email SBCF@dallascityhall.com.

On Thursday, April 23, the House passed the new appropriation bill previously passed this week by the Senate (update: and signed by the President on Friday). It is expected PPP and EIDL will reopen on Monday, April 27 (but keep checking sba.gov, in case the SBA EIDL application portal opens earlier!).

Update:

In a press release on Friday (4-24) afternoon, the SBA announced: “The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.”
(The press release did not include any specific information or details about the re-opening and resumption of EIDL.)
The new bill adds $50 billion into the Emergency Economic Injury Disaster (EIDL) loan program. There is another $10 billion solely for the EIDL advances.
“The new legislation provides $310 billion in new funding for the Paycheck Protection Program with $30 billion going to small lenders with less than $10 billion in assets and another $30 billion earmarked for small lenders with between $10 billion and $50 billion in assets. This $60 billion set-aside may help mom-and-pop businesses frozen out of round 1 finally obtain loans. The balance, $250 billion of new funding, will go into the regular PPP loan program which, like the set-aside funds, provides forgivable loans of up to $10 million each.” (https://www.investopedia.com/how-to-navigate-the-new-stimulus-plan-and-get-a-ppp-loan-4843031)

The SBA.gov website further clarifies:
Additional Funding Notice: The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT. With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis. We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Dallas Metropolitan SBDC has created a presentation on PPP for Self-Employed for this new category of businesses, that was launched just before monies were depleted. Click to download the PDF.

Update Friday April 24. The House passed the appropriation bill on Thursday.

President Trump signed a $484 billion interim coronavirus relief bill on Friday that will add another $310 billion to the small-business Paycheck Protection Program (PPP), as well as provide billions in aid to hospitals and for testing.

https://www.axios.com/trump-signs-interim-coronavirus-relief-bill-192d7b83-ec92-4fa9-9f8c-be241e886192.html

….

On Tuesday (April 21) the US Senate passed a $484 Billion appropriation bill to further fund the SBA Economic Injury Disaster Loan (EIDL) (and EIDL Loan Advance) and Paycheck Protection Plan (PPP) programs.

The US House votes on Thursday (April 23) . If passed, it will go to the President to sign.

Until then, the EIDL application portal remains unavailable. But the SBA is continuing to process applications internally, and banks continue to accept applications for both employer and sole-proprietor/self-employed/1099 PPP programs.

We expect the EIDL portal to reopen soon.

An informative article:

https://www.washingtonpost.com/us-policy/2020/04/21/congress-coronavirus-small-business/

https://www.cnn.com/2020/04/21/politics/chuck-schumer-coronavirus-relief-small-business-cnntv/index.html

CNN is reporting:

Congress reaches deal on $450 billion package to help small businesses, sources say

By Manu Raju and Clare Foran, CNN

Updated 1:26 PM ET, Tue April 21, 2020

(CNN) Congressional negotiations have reached a deal on a bill that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak, three sources familiar tell CNN. The text of the bill should be unveiled as soon as Tuesday afternoon as the two sides give the deal a final read. Lawmakers will try to pass it in the Senate at 4 p.m. ET when the chamber convenes for a pro forma session.President Donald Trump signaled his approval of the deal on Twitter, saying, “I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing.”

Application open today: U.S. Chamber Foundation’s Save Small Business Fund.

In an effort to support small businesses during this unprecedented time, we are pleased to share that Travelers is a launch partner of the U.S. Chamber Foundation’s Save Small Business Fund. This Fund will provide assistance to small business owners impacted by the coronavirus through $5,000 grants to eligible small employers in the U.S. and its territories. Grant applications are open today, Monday, April 20, 2020, so we encourage you to visit www.savesmallbusiness.com for information on eligibility, grant timelines, and more. Please feel free to share this information with other small businesses in your networks that might be in need.

At the Travelers Institute, we understand the far-reaching impacts of small businesses on families, communities and the economy, and are pleased to help offer this support during this difficult time.

The Travelers Institute team

Travelers Institute

Travelers

1 Tower Square | Main South, 8^th Floor  

Hartford, CT 06183

institute@travelers.com | travelersinstitute.org

TO QUALIFY
YOU MUST

– Employ between 3 and 20 people

– Be located in an economically vulnerable community

– Have been harmed financially by the COVID-19 pandemic

As a test, the zip codes of Dallas Metropolitan SBDC and an adjacent neighborhood, 75215 and 75226, both qualify!