As a business community, we understand that many aspects of our communities are impacted as our government works to address growing COVID19 concerns. Our local small businesses will be impacted more than most others. Please remember to do your best to continue to support our local businesses. We all need to work together to keep our local businesses strong and thriving, as well as working with our local non-profits to keep those marginalized in our communities healthy and fed.
The SBA’s Economic Injury Disaster Loan Program (EIDL) provides loans to small businesses due to the coronavirus (COVID-19) pandemic. The loans offer up to $2 million in assistance to pay fixed debts, payroll, accounts payable and other bills. There is an option to include a request of a $10,000 cash grant, payable shortly after the loan application is received. This program is not intended to permit businesses to “double dip” with the PPP. It is available to all businesses, including non-profits and may be a solution for short-term cash infusion. The application is straightforward and available only via the SBA website, not through your local banker. Visit https://covid19relief.sba.gov/#/ to apply for an EIDL program loan.
The federal government’s stimulus package, the CARES Act, provides for the Paycheck Protection Program, which is an SBA loan program provides loans to employers to maintain their workforce. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The SBA $349B Paycheck Protection Program will officially launch on Friday . If you want to look at information at the U.S. Treasury go to this link. https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses.
Starting April 3, 2020, small businesses and sole proprietorships can apply through existing SBA lenders. Starting April 10, 2020, independent contractors and self-employed individuals can apply. Apply as quickly as you can because there is a funding cap. The Paycheck Protection Program will be available through June 30, 2020. Contact these follow Chamber member SBA lenders to begin the process of applying for a PPP loan, which provides significant provision for loan forgiveness if employees are kept on the payroll as a result of the loan.
Karla Deming, Amegy Bank, 281-320-6675, Karla.Deming@amegybank.com
Sherry Morgan, Prosperity Bank, 281-356-8211, firstname.lastname@example.org
Wells Fargo Bank is accepting applications online only — not through a local branch or banker. to apply through Wells Fargo CLICK HERE.
Woodforest Nation Banks: Please contact your respective branch: Magnolia: Brett Sims, (832) 375-2690, email@example.com; East Magnolia, Christina Page, (832) 375-2237, firstname.lastname@example.org; FM 1488 Kroger Center: Eduardo Rodriguez, (936) 321-5114, email@example.com
Please feel free to contact them directly for more information on how to participate in the SBA Paycheck Protection Program, which provide SBA loans to small businesses that can become a grant if the business maintains its payroll through the crisis. I have assurance from Congressman Brady’s office that the program will be rolled out fully by the SBA by April 3, 2020 for the small business portion of the program.
Here are some updates for Chamber events:
- April 14 Networking Breakfast. We know how important it is to stay connected with fellow business owners and managers in our community, so that when this “stay at home” order is lifted we can get back to business as quickly as possible. As a result, we will be sending you information by April 3rd to create a “virtual” Networking Breakfast via teleconference! Keep your eyes peeled to your Inbox for more information.
- The May 4th Golf Classic tournament has been postponed to September. More information will be coming and all sponsorships and registrations will be honored in September.
- Do to the “stay at home” order, the Chamber office will need to close temporarily. We will evaluate our schedule as needed to respond to need of our community. We will continue to operate to support our members remotely, and can be available by phone or individual appointment. Please contact us at firstname.lastname@example.org or call 281-356-1488.
Any updates or changes to our schedule will be communicated via email, on our website, and in social media. We will be respectful of your inbox, and continue to post most information on our social media platforms and on our Chamber homepage. Please pan to visit www.GreaterMagnoliaParkwayCC.org regularly for breaking news and updates for our businesses. We are committed to supporting our members and the community. We ask for everyone’s safety that if you or those close to you are showing signs of illness to remain at home.
Stay tuned to our Chamber website and social media for updates on COVID-19 response programs. Or feel free to call me at the numbers below.
If you have any questions or concerns regarding this message please contact us at 281-356-1488 or email@example.com.
Has your business been affected by COVID-19?
To better serve our community we have created a brief survey. Tell us how we can help you here.
Need additional assistance? Check out our Coronavirus Business Resource page here
We are consistently updating these pages as we recieve new information.
We are here to support our business community. If you have any questions or need more information please contact us at firstname.lastname@example.org or 281-356-1488
The SBA $349B Paycheck Protection Program officially launched last Friday
See below for details from Senator John Cornyn
With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds
March 31, 2020
WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”
“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”
The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
- The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
LOAN TERMS & CONDITIONS
- Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
- Maximum loan amount up to $10 million
- Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
- All loans under this program will have the following identical features:
- Interest rate of 0.5%
- Maturity of 2 years
- First payment deferred for six months
- 100% guarantee by SBA
- No collateral
- No personal guarantees
- No borrower or lender fees payable to SBA
The following restaurants have delivery or drive-thru available.
McDonald’s – Open & McDelivery Options through Uber Eats and Door Dash.
Umami Grill and Sushi – Offering delivery service, Door Dash and Uber Eats.
BBQ Hut – Food to go from 11a.m.-7p.m.
Eden Cafe – Magnolia– Food to go
The Meating Place BBQ & Bakery – drive-thru service. Also can place your order online or call it in ahead of arrival for curbside and take-out. Normal business hours this week
Pizza Hut – Drive-thru and delivery at both Magnolia locations. Normal Business hours*
Pie In The Sky Magnolia – Curbside Take-Out, Delivery Options. Also can place your order online or call it in ahead of arrival. Normal business hours this week.
Tressie’s Southern Kitchen – Open regular hours, curbside takeout available, NEW pizza delivery available!
Sweetwaters Coffee & Tea – Drive-thru available. Temporary business hours: M-F 6 am – 7 pm; S&S 8 am – 7 pm
Waterfalls Cafe – Curb-side pick up available. Delivery thru Uber Eats. Free delivery available by 3/23. Normal Business Hours.
Raising Canes Magnolia – Open regular hours for drive thru and takeout
This list will be updated as our food and restaurant members send us information.
Member of the Week -FishCreek Kids Academy!
This week’s Member of the Week is FishCreek Kids Academy
We’re more than a preschool at FishCreek Kids Academy. We’re a place where caring teachers engage children with fun and creative learning to meet their developmental needs and encourage them to explore their world. A holistic approach and the old saying, “It takes a village to raise a child,” inspires our teaching philosophy. We think of our FishCreek kids as our own and feel a responsibility to you, your children and the community to have a positive impact on their lives. Like any parent, we want our children to develop a healthy mind and body, to build friendships and to grow into young adults that have an unmatched passion for learning. It’s why our educational development center in Magnolia, TX offers preschool programs year-round for children ages six weeks to five years who live in the nearby areas of Montgomery, Conroe and The Woodlands, Texas. Our programs, from infant to pre-k, after-school programs, and educational summer camps, allow your child to satisfy their curiosity by building on what they have learned at school and FishCreek Kids Academy.