A Quick Guide to Houston’s Small Business Recovery Fund
Has your business been impacted by COVID-19?
Last week applications opened for Harris County’s $30 million small business recovery fund program. The small business recovery fund or SBRF prioritizes small, low income businesses that have not received funds from other COVID-19 relief programs. Harris County received these funds through the Coronavirus Aid, Relief and Economic Security (CARES) Act and was approved by Harris County judge Linda Hidalgo.
According to Rice University, over 300,000 jobs have been lost due to the economic impact of COVID-19., but economic hardships have been prevalent for some time.
The following image shows the prevalence of economic hardships among Harris County residents in the past few years:
Many businesses have been forced to close. This is due to a number of stay-at-home orders designed to slow the spread of COVID-19.The small business recovery fund comes from a zero interest paid loan forgiveness program. As with this previous program, the SBRF is meant to help businesses with essential functions such as payroll and funding health benefits.
Who Qualifies for the SBRF?
Keep in mind that Harris county’s small business recovery fund prioritizes small businesses hit hardest by the realities of COVID-19. Here’s a breakdown of the SBRF qualifications.
Please note that the SBRF may be open to other types of businesses and qualifications. For example, businesses that have previously received assistance from Harris County’s Paycheck Protection Program, can still apply for this recovery fund. However, the following businesses are given priority:
- Small businesses with 30 employees or less
- Small businesses located in Harris County Precincts 1-4
- Small businesses unaffiliated with gambling, real estate investors, and sexually oriented businesses
- Small businesses that have not received any other financial aid from COVID-19 recovery resources
What You’ll Need to Apply
If you’d like to apply for the Harris County small business recovery fund, you’ll need to get your paperwork in order. The following documents will assist you in your SBRF application:
- Business tax return for 2018 or 2019
- Income and expenses for three months
- Articles of incorporation, business license or DBA certificate
- W-2 statement, pay stubs or personal tax return
There are no repayment requirements for the SBRF. Keep in mind that businesses must be located in one of Houston’s four precincts and have remained open since November 30th.
We’re in this together
Times are hard, but there are still ways to keep your business going, even with a closed sign on the door. MSDS Entrepreneurs has resources to teach you how to:
THERE IS HOPE FOR YOUR SMALL BUSINESS TO RECOVER HERE IN TEXAS AND BEYOND. WE CAN HELP YOU MAINTAIN YOUR BUSINESS’S MARKETING STRATEGY DURING THIS TIME, TAKE A LOOK AT OUR SERVICES. .