The City of Dallas has $10.1 million for community development block grants, which could be used to help small businesses in a time of crisis.
The grants are meant to benefit low and moderate income people and neighborhoods as well as nonprofits. But they can also be spent on the “urgent need” of small businesses. Here’s a full explanation.
The grants are among the ways City Council should consider to provide relief for small businesses, City Councilman Chad West says.
He enumerated five steps the City should take to avoid “massive layoffs and closures” of small businesses. Aside from the $10.1 million in block grants, West suggests making $7 million from Water Utilities available to small businesses as well as asking the greater business community to match whatever funds the city can open up.
Emergency SBA loans
In the meantime, business owners can apply for emergency assistance from the Small Business Administration. Gov. Greg Abbott on Friday announced the approval of emergency designation for small business disaster loans from the SBA. Apply online here and indicate you’re applying for Economic Injury Loan.
Here’s the information you’ll need:
Amount of estimated loss
Owner’s name and information for everyone who owner more than 20% of the business
Signed personal finance statements for everyone who owns 20% or more of the business
An application to verify your tax information
Copies, including all schedules, of the most recent federal income tax returns for the applicant business
Copies of the most recent federal income tax returns the business
Schedule of liabilities including all fixed debts; here’s an example
You also may be asked to provide a year-end profit and loss statement, year-end balance sheet, current year to date profit and loss statement and monthly sales figures.