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The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
Where can I apply for the Paycheck Protection Program?
You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This could be the bank you already use, or a nearby bank. There are thousands of banks that already participate in the SBA’s lending programs, including numerous community banks. You do not have to visit any government institution to apply for the program. You can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool. You can call your local Small Business Development Center or Women’s Business Center and they will provide free assistance and guide you to lenders.
Who is eligible for the loan?
You are eligible for a loan if you are a small business that employs 500 employees or fewer, or if your business is in an industry that has an employee-based size standard through SBA that is higher than 500 employees. In addition, if you are a restaurant, hotel, or a business that falls within the North American Industry Classification System (NAICS) code 72, “Accommodation and Food Services,” and each of your locations has 500 employees or fewer, you are eligible. Tribal businesses, 501(c)(19) veteran organizations, and 501(c)(3) nonprofits, including religious organizations, will be eligible for the program. Nonprofit organizations are subject to SBA’s affiliation standards. Independently owned franchises with under 500 employees, who are approved by SBA, are also eligible. Eligible franchises can be found through SBA’s Franchise Directory.
Visit www.clearlakeshores-tx.gov/ppp read the complete Paycheck Protection Program FAQs
To learn more information about the U.S. Small Business Administration and the COVID-19 Small Business Guidance & Loan Resources please visit www.sba.gov
On Monday, March 24th, Galveston County issued a stay-at-home order that requires all Texas bars, gyms, and restaurants to close and all residents to remain at their place of residence.
The good news is that there are different ways we can support our local business during the coronavirus pandemic while maintaining social distancing:
On Friday, March 20th, Governor Greg Abbott announced that the U.S. Small Business Administration (SBA) has included the entire state of Texas in its Economic Injury Disaster Declaration and granted access to its Economic Injury Disaster Loan (EIDL) program, which will provide long-term, low-interest loans to qualifying businesses across the state. Texas small businesses who believe they may be eligible for an SBA EIDL should visit www.sba.gov/disaster where they can directly apply for assistance. The online application is the fastest method to receive a decision about loan eligibility.
We must remain vigilant, follow the guidelines recommended by the CDC and maintain social distancing when possible. The City will continue to update residents regularly about future closures and impacts to the community through the City’s website and social media pages.
Clear Lake Shores is resilient, we will get through this together.