COVID-19 Small Business Relief
We understand that our business owners are facing trying times as our nation responds to the COVID-19 pandemic, and we’re here for you. We mean business.
La Marque Economic Development Corporation staff has compiled these resources and will continue to update this page as new information becomes available. For questions, please call 409-938-9255.
Together, we will make it through this.
Paycheck Protection Program
Updated April 6, 2020: The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020. Learn more here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
The U.S. Small Business Administration (SBA)
▶️Paycheck Protection Program: This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
▶️Economic Injury Disaster Loan Advance: This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
▶️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.
▶️SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
Learn more. ➡️ https://www.sba.gov/funding-pr…/…/coronavirus-relief-options
Get more SBA Small Business Guidance & Loan Resources on their website.
Online Business Resources:
Updated April 8, 2020: Galveston County EDC is working to help business owners navigate the Coronavirus Aid, Relief, and Economic Security Act, a law meant to address the economic fallout of the 2020 coronavirus pandemic in the United States. The CARES Act contains at least two provisions designed to get economic stimulus money into the hands of small businesses almost immediately.
To make it easy on you, they drafted this simple-single page flyer to describe the difference between the two primary funding mechanisms, the Economic Injury Disaster Loan and the Paycheck Protection Program and why you should apply for both programs simultaneously. Additional resources:
Franchise Tax Extension
Updated April 2, 2020: Texas Comptroller of Public Accounts is automatically extending the due date for 2020 franchise tax reports to July 15, 2020, providing Texas franchise taxpayers some relief from #COVID19 disruptions and keeping us consistent with the IRS. Learn more here: https://bit.ly/3dKzNk6
State Comptroller Short-Term Payment Agreements
These are challenging times for businesses all over the nation. The Texas Comptroller’s office knows that during periods of economic hardship, paying or remitting taxes and fees on time can feel like an extra burden when there’s so much uncertainty.
For businesses that find themselves in this situation, our agency is offering assistance in the form of short-term payment agreements and, in most instances, waivers of penalties and interest.
We ask that you contact our Enforcement Hotline at 800-252-8880 to learn about your options for remaining in compliance and avoiding interest and late fees on taxes due. Read more.
Disaster Recovery Loans for Businesses in the Houston – Galveston Region
Your Galveston County financial institutions are here as they have been for generations, with resources available and a willingness to help. We are putting our community needs ahead of our own interests for the recovery effort and we encourage you to let us be part of your future. Visit one of these participating banks for COVID 19 Business Recovery Loan information. Read More.
Disaster Assistance Loans for Small Businesses
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Facebook Small Business Grants Program
We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time. Read more.
Navigating COVID-19 by Retail Strategies
Local businesses and downtown areas, in general, are facing the threat of significantly reduced foot traffic and sales, due to everchanging protocol and regulations regarding COVID-19. We’re living in unprecedented times, but for many, business must go on. Read more.
National Retail Federation: Coronavirus Resources for Retailers
NRF is addressing the supply chain implications as well as developments related to the spread of the virus globally and domestically. Please visit their page for updates. Read more.
NFIB: Small Business Resources
We know small business owners are acting now to take necessary precautions, but also need to understand how actions taken by policymakers today affect business operations down the road. On this page, you will find up-to-date resources from NFIB and outside organizations. Read more.