Resources for Recovery
Collin Cares Small Business Grant Program - September 4 - 25, 2020
Qualified Collin County businesses may apply to receive up to $25,000. The Collin CARES Small Business Grant Program supports qualified Collin County businesses that have experienced a financial hardship due to the COVID-19 pandemic.
- Be a business within Collin County, exclusive of the City of Dallas
- Must have been in business for at least 6 months prior to March 1, 2020
- Employ fewer than 100 full-time equivalent employees
- Annual gross revenues must be less than $5 million
- Demonstrate a >15% gross revenue loss to the COVID-19 pandemic
Eligible expenses from March 1 - August 31, 2020
- Fixed Costs
- Contract Labor
- Supplier Payments
- COVID-19 Improvements
For guidelines, qualifications and to apply, click here.
Governor Abbott Establishes Statewide Face Covering Requirement, Issues Proclamation To Limit Gatherings
Governor Greg Abbott today issued an Executive Order requiring all Texans to wear a face covering over the nose and mouth in public spaces in counties with 20 or more positive COVID-19 cases, with few exceptions. The Governor also issued a proclamation giving mayors and county judges the ability to impose restrictions on some outdoor gatherings of over 10 people, and making it mandatory that, with certain exceptions, people cannot be in groups larger than ten and must maintain six feet of social distancing from others. Read more.
With recent increases in positive COVID-19 cases in Texas, Governor Abbott has revised his executive order to restrict some business openings.
The order includes the following:
- All bars and similar establishments that receive more than 51% of their gross receipts from the sale of alcoholic beverages were required to close as of 12:00 noon today. These businesses may remain open for delivery and take-out, including for alcoholic beverages, as authorized by the Texas Alcoholic Beverage Commission.
Restaurants may remain open for dine-in service, but at a capacity not to exceed 50% of total listed indoor occupancy, beginning Monday, June 29, 2020.
Outdoor gatherings of 100 or more people must be approved by local governments, with certain exceptions.
Read more on the Governor's Strike Force to Open Texas webpage.
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.
U.S. Chamber Guide to PPP Loan Forgiveness.
This guide reflects recent substantive changes made by Congress and the administration to the PPP program to provide borrowers with more flexibility. These changes include:
- Extending the time to spend PPP funds from 8 weeks to 24 weeks;
- Lowering the amount that must be spent on payroll from 75% to 60%;
- Extending the deadline to restore FTEs and payroll from June 30, 2020 to Dec. 31, 2020; and
- Setting the repayment term for loans made after June 4, 2020 at five years.
The U.S. Chamber’s updated Guide to PPP Forgiveness reflects all of these changes, as well as others made in recent guidance issued by the Department of the Treasury. It is designed to help your members more easily understand the forgiveness application process. However, note that while this guide reflects all of the most recent changes, it is possible that further changes could be made. Therefore, we will continue to update this guide as needed.
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 Owners Guide to the CARES Act
The US Senate Committee on Small Business & Entrepreneurship has created a helpful guide.
The table of contents includes:
- Paycheck Protection Program Loans
- Small Business Debt Relief Program
- Economic Injury Disaster Loans and Emergency Economic Injury Grants
- Small Business Counseling
- Small Business Contracting
- Small Business Tax Provisions
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.
- Coronavirus Funding Options
- Coronavirus Recovery Information in Languages other than English
- Guidance for Businesses and Employers
- Local Assistance
- Join the SBA's Relief Efforts
- SBA Products and Resources
- Government Contracting
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 and updated information on 4/9/2020.
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.
The DOL has a very easy-to-read Q & A that small business owners will find helpful.
Congressman Van Taylor's office has updates and resources for small businesses. Also, are a variety of resources - families, seniors, healthcare. Visit the resource page here.
Collin Small Business Development Center is a partnership between the U.S. Small Business Administration, the State of Texas, and Collin College. Through this partnership, one-on-one, strategic business consulting is provided at no cost to businesses and residents of Collin and Rockwall Counties.
Collin SBDC is available to assist businesses through these trying times. Whether it’s helping businesses with the grants or assistance with the SBA programs, Collin SBDC available through phone and Zoom/Skype meetings. Visit their website for more information.
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.