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.
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.
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
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.
Guides and Resources from the U.S. Chamber of Commerce
The U.S. Chamber continues to create, update, and evolve its various guides and resources to continue bringing you and your members the information you need during this difficult time. We encourage you to continue utilizing and sharing the following items as you see fit:
- Paycheck Protection Program (PPP) Loan Forgiveness Guide
- Reopening Business Digital Resources Center
- Reopening Business Digital Resources Center Toolkit
- Small Business Reopening Playbook
- Main Street Lending Program Guide
- State-by-State Business Reopening Guidance
- Backgrounder on Health Coverage Options
- Backgrounder on Unemployment Insurance Under the CARES Act
- Independent Contractor's Guide to CARES Act Relief
- Coronavirus Emergency Loans Small Business Guide and Checklist
- Temporary Paid Leave and Family Medical Leave Guide
- Economic Injury Disaster Loan (EIDL) Program Guide
- Employee Retention Tax Credit Guide
- Coronavirus Small Business Guide
- Coronavirus Response Toolkit
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 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.