DALLAS (CBSDFW.COM) – The Small Business Administration is accepting applications for a new program called, the Paycheck Protection Program.
It is designed to help small businesses keep their workers on the payroll.
The SBA says the loan could be forgiven if the business keeps all its employees on the payroll for eight weeks.
The money must be used for payroll, rent, mortgage and other utilities.
Small business owners can apply for the loan through an SBA-approved bank.
Applications will be accepted until Tuesday, June 30.
Another SBA program in place could put $10,000 in your small business within days.
As part an expanded Economic Injury Disaster Loan Program, the federal government will provide a $10,000 loan advance to anyone applying for EIDL.
While you wait for your loan to be approved, you can use this 10,000 for things like payroll, rent, utilities and other things to help sustain the business.
“It is not a loan. It’s actually a grant,” said Herbert Austin, the regional director at the Small Business Administration in Dallas.
He said this money will provide immediate help to business as they wait for their EIDL loan approval.
“Even before reviewing the document, they will cut you a check of $10,000 in your account,” he said.
Shane Spiller, co-owner of Eno’s Pizza Tavern in the Bishop Arts District says he applied for the EIDL loan last week and this week he had to go back and reapply to include the $10,000 grant again.
Spiller says the money would help him retain or hire back his employees
He lost almost 70% of his workforce since the pandemic began.
If you are applying for the EIDL loan for the first time, make sure to check the box for the $10,000 loan advance.
If you filled out the application before March 30, the SBA says you can go back and reapply to receive the $10,000.
Make sure to reference your earlier application.
If you need help navigating the application process, the Small Business Administration has a tool on its website to find community partners who can help with the process for free:
Help with the applications: