SBA Releases Paycheck Protection Program Loan Forgiveness Application
The Small Business Administration released the Paycheck Protection Program (PPP) loan forgiveness application, effective May 15, 2020. Borrowers will submit the application to their lenders to request forgiveness of all or part of their loans. Details about loan forgiveness are available from the SBA. Download the form.
Guidance for Safely Reopening Businesses
The Greater Houston Partnership launched the Houston Work Safe Program to aid companies planning to reopen or expand their operations. The website includes guidance for specific industries and allowable open dates as per Gov. Greg Abbott's May 18 Phase II to Open Texas announcement. The Partnership also shares 15 principles to help businesses develop plans to protect the health of their employees and customers, minimizing the risk of transmission of the COVID-19 virus.
State of Texas Announces COVID Relief FundThe Texas COVID Relief Fund will provide critical funding to nonprofits, school districts, and government organizations serving Texas communities. Funds raised will be distributed through grants focused on the areas of community and economic development, healthcare, and education. Funds will also be used to support local priorities and organizations serving the unmet needs of vulnerable populations and underserved communities.$1.5 Billion in EDA CARES Act Grants Available The U.S. Economic Development Administration (EDA) is now accepting applications for Coronavirus Aid, Relief, and Economic Security Act (CARES Act) supplemental funds (EDA CARES Act Recovery Assistance) intended to help communities prevent, prepare for, and respond to coronavirus. The funding is to help speed communities' economic recovery from the pandemic through implementing economic recovery activities, such as entrepreneurial support programs, infrastructure, and facilities construction to save or create jobs. Funds are available through the 2020 Public Works and Economic Adjustment Assistance Notice of Funding Opportunity (FY20 PWEAA NOFO, see page 46). The Gulf Coast Economic Development District will be working to provide technical assistance for applicants.
E-mail Josh Owens with any questions. Federal Funding For Rural Communities The U.S. Department of Agriculture (USDA) released a COVID-19 Federal Rural Resource Guide organizing funding opportunities identified in the CARES Act and other federal resources that can help support rural America. Current USDA Funding Opportunities:Upcoming Economic Recovery Webinars
May 27 | State of Houston's Global Economy | Greater Houston Partnership This online event will examine the impacts of COVID-19, the U.S. recession, and the collapse in oil prices on Houston's economy. May 27 | How Equity and Inclusion Boost Economic Recovery and Ensure a More Resilient Future | Texas Economic Development Council
Presenters from TiP Strategies will share relevant data, useful tools, and best practices from Texas and around the country exploring how to focus on equity and inclusion.
Marvin Odum has twice been tapped to help guide Houston through crisis recovery; as we as a region and a world are facing an unprecedented global health crisis, coupled with tremendous economic impacts, Marvin has once again stepped up to help guide the city as COVID-19 Relief and Recovery Czar.
Partner Resources
Visit our website for information and links to local, regional, and partner organizations that have additional resources and information on economic recovery. A select list is presented below.
The Greater Houston Partnership has established the Greater Houston Business Recovery Center, which will provide guidance on policy and financing related to recovery programs.
RestoreYourEconomy is your resource for up-to-date information related to COVID-19 and its economic impacts.
The Texas Economic Development Council COVID-19 webpage catalogs COVID-19 resources, updated, and links. It includes webinars, small business program examples, research white papers, resources for businesses, Texas Workforce Commission resources, and advice for retailers.
The National Association of Development Organizations COVID-19 resource center provides advocacy resources, upcoming virtual events and training, federal agency COVID-19 resources, member response resources, national partner organizations response resources, Office of Management and Budget guidance, state-by-state workforce guidelines, philanthropic resources for communities, and economic resilience resources.
The International Economic Development Council Corona Virus Response webpage provides information on the Council's COVID-19 webinar series, COVID-19 resources, and frequently updated situational reports.
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