By State Rep. Phil King
AUSTIN, Texas (Texas Insider Report) — Many of you that own a small business have reached out looking for guidance, and many of us are trying to work through the Small Business Administration's new Paycheck Protection Program (PPP) Application process. Here are a number of links and resources that I hope you'll find helpful.
- Here is a concise list of Frequently Asked Questions on the PPP that I found helpful, as well as a more thorough Small Business Owner's Guide to the CARES Act.
- This NFIB Website is dedicated to updates regarding the status of Federal Legislation. That can be found here.
- NFIB also has a site that they're using as a Clearing House of Small Biz info regarding Covid-19. That can be found here. While this site is updated regularly, it currently contains links to the Centers for Disease Control's Information page and the Small Business Administration's Guidance & Loan Resources page , as well as a recording of a webinar and a host of other information.
- NFIB Texas also has a State Specific Information page that can be found here.
- An SBA Loan Resource Page, including a link to determine eligibility and apply for a loan, can be found here. These Business Interuption Loans could be used for payroll, debt obligations, rent/mortgage, etc. and could potentially be forgiven depend on how they are utilized. As the details for these loans become more clear, we will update that.
- The Texas Workforce Commission (TWC) has a shared work program for employees who have had their hours cut back. That page can be found here.
- The Small Business Development Center continues to be an excellent resource for small businesses. Find their regional contact information and a Covid-19 information page here.
- Finally, this FAQ Sheet from the Texas Workforce Commission is specifically designed for small business owners. It can be downloaded here.
I am also including a summary of the Federal CARES Act. If there is something specific that is not addressed below, please don't hesitate to reach out and we will try to help.
Summary of Federal Coronavirus Aid, Relief & Security (CARES) Act
(Note: This information was provided by the House Republican Whip Coalitions Coordinator)
- Provides Grants & Loans to Small Businesses to meet Payroll & Pay Rent.
- Sends direct checks to individual Americans of up to $1,200.
- Allows Regulatory Relief so banks can grant Loan Forbearance for otherwise healthy businesses struggling while business has been shut down.
- Provides Treasury & Fed Abilities to provide several trillion in assistance to distressed industries, including airlines, through Guaranteed Loans while also including accountability protections.
- Rushes resources to Hospitals, Doctors and other Front Line Providers.
- Expands the use of Telehealth mMedicine to surge capacity and diagnose or treat patients in safe and timely environment.
- Temporarily expands Unemployment Insurance to provide a life line for those who have lost their jobs.
- Provides Tax Policy Incentives, such as fixing key technical corrections from the Tax Cut & Jobs Act, including QIP and NOL.
- Provides liability protection for providers who volunteer (Good Samaritan).
- Allows HSA to be used to purchase Over the Counter Medicines.
- Extends expiring health extenders to November.
State Representative Phil King represents Parker and Wise counties in the Texas House of Representatives.