Resources for Recovery
In a press conference on Monday, May 18, 2020, Governor Greg Abbott announced further openings and moving to Phase 2, which would allow restaurants to operate at 50% of capacity. Further openings also include youth sports, summer camps, and more. Read more on the Governor's Strike Force to Open Texas webpage.
The Frisco City Council amended its emergency ordinance to align with Governor Greg Abbott’s Executive Order and The Governor’s Report to 'Open Texas’. Restaurants, retail, malls, movie theaters, and museums can now open but must limit capacity to 25% of listed occupancy. If you are not sure if your business qualifies, the City of Frisco has put together a tool to determine eligibility and occupancy. We applaud the City of Frisco for quickly putting this tool together for our business community. If your business is listed but does not return an occupancy or you believe the occupancy is incorrect, call 972-292-6495 or email OpenFrisco@FriscoTexas.gov. The City of Frisco has also put together an Open Frisco at a glance flyer with FAQs and has additional information on their website.
Declarations, Notices and Orders
Find the most up-to-date Declarations, Notices and Orders here.
FRISCO AMENDS EMERGENCY ORDINANCE TO ALIGN WITH GOVERNOR’S EXECUTIVE ORDER OFFERING ‘RETAIL TO-GO’
(April 21, 2020) Tonight, the Frisco City Council voted to amend its ordinance to align with Governor Greg Abbott’s latest Executive Order, issued April 17, which allows for ‘Reopened Services’ or what’s being called ‘Retail To-Go’. Beginning Friday, April 24, non-essential services may offer ‘Retail To-Go’ through pickup or delivery to doorstep or by mail.
“We’re excited to reopen Texas, reopen Frisco and do it in a safe and meaningful way,” said Mayor Jeff Cheney. The guidance below is based on recommendations from the Centers of Disease Control (CDC) and outlined by Texas Department of State Health Services. Read the entire DSHS document
Under ‘Retail To-Go’ employees are required to:
• Be trained in environmental cleaning, disinfections, hand hygiene and respiratory etiquette (CDC resource here);
• Be screened before coming into the business for illness (including ‘feeling feverish’ or measured temperature higher than 100+);
• Wash or sanitize hands before entering business;
• Wear face coverings;
• Maintain at least 6 feet from one another.
Under ‘Retail To-Go’, customers:
• May purchase items for pickup, delivery to doorstep or by mail, but may not enter the premises;
• Should pay by phone, online (or minimize direct contact if remote payment is unavailable);
• Should wash or sanitize hands after transaction.
• Employees should place purchases in customer’s backseat or trunk;
• Employees must wash or sanitize hands after each customer interaction and disinfect items that came into contact with customer.
• By doorstep: Employees or third-party carrier should deliver to doorstep. Neither can enter customer’s home or business.
• By mail: No customer contact.
Frisco’s amended ordinance takes effect at midnight. A special call meeting will be held Monday, April 27 to consider Governor Abbott’s next, anticipated Executive Order.
Download the flyer here.
Financial Resources for Business
As you are looking to make some business decisions during these unprecedented times and are evaluating how COVID-19 is impacting your business, please take a look at the following options that MAY be available for you going forward. The Frisco Chamber of Commerce will be diligently working to continuously update this page as information is received and provide easy-to-understand explanations of how the resources found here impact individuals and different-sized businesses, by providing toolkits and links to much-needed documents! We are here to help! Please let us know if we missed an important resource or if you need further explanation!
Emergency Loans - Small Business Guide and Checklist - Download the PPP Guide
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Who is eligible?
• A small business with fewer than 500 employees
• A small business that otherwise meets the SBA’s size standard
• A 501(c)(3) with fewer than 500 employees
• An individual who operates as a sole proprietor
• An individual who operates as an independent contractor
• An individual who is self-employed who regularly carries on any
trade or business
• A Tribal business concern that meets the SBA size standard
More information about PPP: Visit the Department of Treasury website.
See a side-by-side comparison of PPP and EIDL here.
The U.S. Chamber of Commerce has prepared a Guide to PPP Loan Forgiveness.
Senator John Cornyn's office provided a new one-page explainer on the PPP program. The document has easily accessible information on eligible participants, loan terms, loan amounts, loan forgiveness, as well as links to your nearest SBA certified lender and Small Business Development Center.
Economic Injury Disaster Loans - Download the EIDL Fact Sheet
Who is eligible?
In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020:
•Businesses with fewer than 500 employees
•Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees
(3/31/2020) SMD Consulting & Accounting has put together a high-level guide to EIDL. Click here.
Employee Retention Tax Credit - Download the Tax Credit Fact Sheet
Who is eligible?
Private employers, including non-profits, carrying on a trade or business in 2020 that:
• Have operations partially or fully suspended as a result of orders from a governmental authority due to COVID-19, or
• Experience a decline in gross receipts by more than 50% in a quarter compared to the same quarter in 2019 (eligibility ends when gross receipts in a quarter exceed 80% compared to the same 2019 quarter)
With respect to tax-exempt organizations under 501(c) of the tax code, the requirement to be partially or fully suspended applies to all operations of the organization.
Employers who receive a Paycheck Protection Program (PPP) loan are not eligible for a tax credit. To learn more about PPP loans, click here.
Small Business Association
The SBA has created a comprehensive Coronavirus page with all of its resources in one place. You can find that page here. The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses affected by the coronavirus. These low-interest loans are available to businesses that have sustained “substantial economic injury” due to the spread of the coronavirus. These loans can be used to pay off outstanding debts, payroll and any other bills they are unable to pay. However, small businesses that have access to credit are not eligible. Small businesses with no available credit qualify for an interest rate of 3.75%, and nonprofits will have an interest rate of 2.75%.
Apply for a Disaster Loan (the site may be down from time to time due to volume) Peak volume is 7:00 AM to 7:00 PM.
Grant information for non-profits and 501(c)(6) All non-profits are now eligible for $10,000 Grants and SBA Disaster Loans. Find information here from the U.S. Chamber of Commerce.
The CollinSBDC can advise you for free by filling out this form.
SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, click here.
COVID-19 Stimulus Bill - Tax Rebate Checks
Under the Phase Three coronavirus package, Americans with a valid Social Security Number who meet certain income thresholds will receive a one-time rebate check of $1,200 per adult, or $2,400 per married couple, and $500 for each child. The Secretary of the United States Treasury announced payments should begin going out the week of April 6, 2020. Learn more about eligibility here.
Tax Rebate Check Calculator can be found here.
The Denton Chamber of Commerce has supplied an easy-to-read FAQ on the COVID-19 Stimulus Bill.
The IRS posted Filing and Payment Deadline Questions and Answers on 3/24/2020.
The Q&As address the federal filing and payment extensions to July 15th due to the COVID-19 (coronavirus) outbreak. They also include information on the additional extension to Oct. 15th, first quarter estimated tax payments, IRAs and HSAs.
Comptroller’s Office Extends Franchise Tax Deadline
In response to the COVID-19 pandemic and to provide Texas businesses relief, Texas Comptroller Glenn Hegar announced today that his agency is automatically extending the due date for 2020 franchise tax reports to July 15 to be consistent with the Internal Revenue Service (IRS). Read more here.
Grants and other assistance from companies and organizations
- Facebook has launched a grant program for small businesses. You can read about it here. In addition to a grant program, Facebook also has a list of resources which you can access here.
- Intuit QuickBooks is providing a long list of small businesses plans and resources to tap into during the crisis, including financial preparedness information, safe travel tips and workplace prevention tips.
- Yelp is providing $25 million in funding relief to small businesses, particularly restaurants and nightlife businesses, affected by COVID-19. This includes free access to page upgrades. You can find more information about how to qualify for aid here.
- The National Federation of Independent Businesses, a small business special interest group, is offering legal resources and webinars related to the virus.
- If you run a restaurant or restaurant group, the Restaurant Worker’s Community Foundation has information related to grants, financial programs and other resources for restaurants affected by COVID-19. This includes immigrant-specific concerns, USBG relief grants and a COVID-19 relief fund sponsored by the organization.
- TWU has announced the AssistHer Emergency Relief Grant. The purpose of this program is to assist Texas, woman-owned businesses that have been severely impacted by Coronavirus (COVID-19). A total of $1,000,000 (100 grant awards) is available.
Small businesses are the foundation of our communities and our economy. Employing nearly half the American workforce, they keep our neighborhoods running and make them feel like home. The impacts of the coronavirus pandemic have wrought unprecedented financial uncertainty. These businesses need resources and relief — and they need it now.
That’s why the Save Small Business Fund, a grantmaking initiative funded by contributions from corporate and philanthropic partners, is providing $5,000 in short-term relief to employers across the United States. These one-time supplemental cash grants are for businesses that have between three and 20 employees and operate in an economically vulnerable community.
The grant application will go live on Monday, April 20 at 12:00 PM PT/3:00 PM ET. To learn more about the Save Small Business Fund and to apply for a grant, visit savesmallbusiness.com.
ARF financial is offering 1 lucky restaurant owner a $10,000 grant for being innovative during this pandemic.
If you know any restaurant owners that should apply here in Texas please have them fill out the link below.
"Financing Innovation to Guarantee a Hopeful Tomorrow"
As the #1 restaurant lender, ARF understands firsthand the financial hardships being faced due to the COVID-19 pandemic. But now’s not the time to throw in the towel. Instead, it’s time to fight to get your restaurant back, and the best way to do that is with an innovative mind and the drive to keep going.
To support the fight against COVID-19, ARF wants to offer financial assistance in the form of a grant so you can persevere and fully recover. The applicant that shows the most innovative ideas and forward-thinking will receive a $10,000 grant to use toward their restaurant’s reopening, phased ramp up, and recovery. The deadline for new applications is May 31, 2020. Grant recipient will be announced on June 15th, 2020.
Link to application : http://info.arffinancial.com/fightgrant.html