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Coronavirus: Small Business Info

As of Tuesday, May 5, PrimeWay is no longer accepting new applications for the Paycheck Protection Program (PPP). If you have already submitted your application and received an email or call, then your request is in process and will be submitted once all necessary documents are received.

If you already have a PPP loan issued through PrimeWay, a checklist was sent to you which outlines the process and timing for applying in 8 weeks for loan forgiveness. If you have questions regarding the forgiveness guidelines, we are here to help. Please email our business services department at businessbanking@primewayfcu.com.

COVID-19 Economic Injury Disaster Loan (EIDL) + Grant Feature

This program is administered through the SBA and can provide small businesses with working capital loans of up to $2 million to provide economic relief due to temporary loss of revenue. The application process is simple through a direct link provided here to the SBA, and the language states a $10,000 advance (grant) is available for all businesses that apply. You can access the SBA application by clicking here.

Harris County COVID-19 Forgivable Loan Program

Harris County has partnered with the Houston-Galveston Area Council to develop and administer an economic development loan program in response to the COVID-19 pandemic. The program aims to help businesses impacted by the pandemic by offering zero-interest, forgivable loans to meet ordinary and necessary operating expenses and obligations. The program is designed to be nimble and responsive to bring financial relief to small businesses who have sustained significant economic injury.

The Harris County COVID-19 Forgivable Loan Program Assistance may be used in conjunction with other disaster loan programs and will not duplicate the proposed use of loan proceeds for these programs. Additionally, the Harris County Loan may be used as a bridge loan for borrowers who have applied for the US Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. The Harris County Loan may be paid in full with the loan proceeds from the SBA’s EIDL program or other long-term loan programs.

You can find out more about the Harris County COVID-19 Forgivable Loan Program by clicking here.

Fort Bend County Commissioners Court Approves Small Business Emergency Assistance Grant Program

Funded by the CARES Act, the Fort Bend County Small Business Emergency Assistance Program is a collective effort to provide grants up to $10,000 (Subject to change by FBC Commissioners Court on 6/9/2020) to as many small businesses as possible. These supplemental funds are designed to help the most vulnerable businesses get through the next days and weeks. They cannot cover all expenses but are intended to bridge the most immediate financial needs.

You can find out more about the Fort Bend County Small Business Emergency Assistance Program by clicking here.

If you have any questions, please call us (713) 799-6200.