Everywhere you look it seems like there is economic bad news, and story after story about the impact COVID-19 is having on our country. Don’t get me wrong, this virus has the potential to run roughshod over the country and has already cost countless people their livelihood, it is serious, it is not the end of the world. If you are running a small business there are tools and resources available to you that will help you get past this bump in the road.
The program we are making sure our clients know about is the “Paycheck Protection Plan”, this plan which will be live on or after April 3rd is designed to assist small business cover some of the basic expenses of operation; including, payroll, utilities, rent / mortgage interest, and other essential bills. This loan can actually be forgiven (as long as the business meets certain employee retention requirements) and is handled through your local bank and not a special SBA bank.
You can find more information on the Paycheck Protection Plan HERE
If you operate in the hospitality and / or food industry and have more than one location, say you’re a franchisee of a national chain with stores in various towns in rural Texas, then each store location could be eligible (so long as you have less than 500 employees). The Paycheck Protection Plan is just one of the tools available to help, and in the upcoming days, I’ll share more information on what is available to help us keep Rural Texas economically viable.
If you would like more information about whether or not you run an “essential” business or just general information about this and other topics, please use the CONTACT PAGE for our sister company ARCTexas and I’ll get back to you as soon as possible. There is no reason for any small business to face this time of economic uncertainty by themselves, we are all in this together much like our Texas Bluebonnet fields.