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Resources for Recovery

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! 

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 Relief Bill on Monday, December 21, 2020, that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses.

As information is received regarding the Coronavirus Relief Package, we will keep you updated.  The Topline Summary of New Agreement and Key Provisions both provide helpful information.

In addition to the information above, below is a link to an article and graphic from the Wall Street Journal, regarding the breakdown of the relief package.

Read What is in the $900 Billion Covid-19 Aid Bill

graph of covid-19 relief bill

Paycheck Protection Program (PPP) Frequently Asked Questions (FAQs) on Loan Forgiveness

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department of the Treasury, of the CARES Act, the  Flexibility Act, and the Paycheck Protection Program Interim Final Rules (“PPP Interim Final Rules”).

Download the most current pdf here.

 

PPP Forgiveness Simplified For Loans Of $50,000 Or Less

On October 14, the U.S. Small Business Administration (SBA) and the U.S Treasury Department released a streamlined Paycheck Protection Program (PPP) loan forgiveness application for loans of $50,000 or less. This simplified process will benefit roughly two-thirds of all PPP loans outstanding.

A concurrently-released interim final rule (IFR) exempts PPP borrowers of $50,000 or less from any decrease in forgiveness due to reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages

SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020.

Video - Navigating the PPP Loan Forgiveness Process

Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce discusses PPP Loan Forgiveness. Watch the Step-by-Step Explainer video.

You can also download the U.S. Chamber of Commerce's Guide to PPP Loan Forgiveness.

 

Funding Options

Visit the SBA website. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.

Bookmark this page - Federal Resources for U.S. Small Businesses

The U.S. Senate Committee on Small Business and Entrepreneurship is a standing committee of the United States Senate. It has jurisdiction over the Small Business Administration. 

Visit the website here. You can also:

The IRS is offering tax help for taxpayers, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus (COVID-19).

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.

The COVID-19 pandemic has turned the world upside down. Business owners ask questions such as, “What will my business look like a month from now? How about five months or five years from now?” It’s impossible to know, but you can act quickly and decisively to protect your business. This guide from safehome.org discusses issues such as financial assistance, security systems and employee safety. Read more.

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.

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