As Texas enters phase two of the reopening process, many business owners are struggling or need more information on how to navigate these tough times. There are resources for these business owners out there at both the State and local levels.
Unemployment in Texas is at levels rarely seen in the history of the State. Businesses are still adapting to new regulations that have affected their bottom line, and the government has passed record aid bills hoping to keep people afloat.
“During a period like this, you want to try to survive and still be in business when you come through,” Tyler Junior College Director of Small Business Development, Don Proudfoot, said.
Proudfoot says his organization helps small businesses apply for loans and better understand their direction – for free.
“We do advising, no charge. We help primarily on business plans for people to go get loans or to get on paper so they can see where they're going strategically… In the last several months, we've been working on Economic Injury Disaster ,loans and also PPP loans -- that's your Paycheck Protection Plan loans for small businesses,” Proudfoot said.
Wednesday, Governor Abbott’s office held a webinar to inform business owners about resources the CARES Act can still provide for them.
“The second round of the CARES Act is $310 billion. We reopened the application process for the paycheck protection program on April 27. [We have given] 2.6 million loans as of May 8, for close to $189 billion has been put into the hands of small businesses in this country. The program will run through June 30 and more until we run out of funding to fund the Paycheck Protection Program. There's currently still funding available,” SBA Regional Administrator Justin Crossey said during the webinar.
The main takeaway for business owners – Texas wants to help them survive.
“I want to thank you as business owners in the state of Texas for everything you do for the Texas economy. You all are the backbone of our economy, and we appreciate everything that you are doing every day,” Executive Director of Economic Development and Tourism Adriana Cruz said.
To learn more about these resources, business owners can head to https://www.sba.gov/.
For local help, local economic development organizations, or the Tyler Junior College Small Business Development Center can offer assistance to business owners looking for guidance.