There are two options for funding and you should apply for BOTH!
- The Paycheck Protection Program provides funds for payroll, mortgage interest, rent, and utilities
- Forgivable loan
- Apply at your bank (see East End banks participating below). Priority is provided to bank customers, so it is important to apply at the bank where you hold your business accounts.
- Amount will be equal to 2.5 times your average monthly payroll costs (download a tool here for calculating costs), from 4/1/2019 – 3/31/2020 (maximum award is $10 million)
- The application period begins 4/3/2020 for small businesses and sole proprietorships, and 4/10/2020 for others
- Apply quickly! Funds are awarded first come, first served!
- Economic Injury Disaster Advance Loan
- $10,000 advance available within 3 days
- Up to $2 million per loan
- Covers lost revenue
- Interest rate is only 3.75%
- 30 year maximum repayment period
- Apply here: https://www.sba.gov/page/disaster-loan-applications
Resources:
-
Daily FREE Webinars on the SBA Houston website (8:30 AM, 10:30 AM, 1:30 PM, 3:00 PM): https://www.sba.gov/offices/district/tx/houston
- PARTICIPATING Banks in the East End:
- Bank of America, National Association
- BankUnited, National Association
- BBVA USA
- Comerica Bank
- East West Bank
- Allegiance Bank
- Frost Bank
- JPMorgan Chase Bank, National Association
- Peoples Bank
- Wells Fargo Bank, National Association
- Amegy
It has come to our attention that some banks are turning away established customers from applying for the Paycheck Protection Program funds, due to a lack of previous lending relationship. Use this new tool to locate banks providing these funds without a customer relationship »
- PARTICIPATING Banks near the East End
- Cadence Bank, National Association
- Capital One, National Association
- Citizens Bank
- Citizens Bank, National Association
- HomeTrust Bank
- U.S. Bank, National Association