AUSTIN, Texas — After the Small Business Administration's lending program was put on hold due to reaching its lending limit, some cities around Central Texas decided to help out.
The Small Business Administration posted on their COVID-19 page April 16 the following:
"SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis."
The money was $376 billion in relief for American workers and small businesses and it was part of the CARES Act signed on March 27.
"We are doing everything that we can both at the headquarters level and at the field office where I work to help out all the small business owners to work with the lenders," said Nina Ramon, the public affairs specialist for SBA's San Antonio district office.
In Central Texas, some cities are launching their own funds or funds for businesses.
Bastrop is planning to hand out $185,000 for businesses as well, and Marble Falls has $100,000 for businesses. Already $40,000 has been handed out.
In Buda, they have the "Still Budaful" stimulus program, which already has $380,000 set aside for businesses with 50 or fewer employees.
Georgetown has the small business resource grant, giving up to $5,000 to help with expenses and payroll.
Round Rock launched their Round Rock Cares fund with the goal of keeping businesses afloat. It's already raised $360,000 and more than 100 businesses have applied for some of that money.
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