Senator John Cornyn Supporting Texas Small Business

Senator John Cornyn Small Business Resources

Borrower Paycheck Protection Program Overview

Borrower Paycheck Protection Program Fact Sheet

Borrower Paycheck Protection Program Lender Information Fact Sheet

Borrower Paycheck Protection Program Application

With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds

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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.

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.

Victory Pie Company – Open and cooking! Curbside pick up, Daily specials, order to-go inside still available. Order online CLICK HERE

Raising Canes Magnolia – Open regular hours for drive thru and takeout

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.