Irving small business owners can seek up to $50,000 in forgivable loans

Small business owners in Irving struggling from the fallout of COVID-19 will soon be able to apply for financial relief up to $50,000.

The money is available through the city of Irving’s Emergency Business Assistance Program, which received funds from the national Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Loans will be forgivable if the company stays in business for at least four months and retains at least 60 percent of its full-time employee count and payroll.

Pre-applications will be accepted beginning Aug. 24 through Sept. 6. Once those pre-applications are screened, they will be placed in a pool and randomly selected through a lottery system. Selected businesses will be invited to submit a full application.

To obtain funding, businesses must be physically located and operating within the city. Sole proprietors and home-based business can apply, as well.

Businesses must have been in existence by Feb. 1, 2019, have fewer than 100 employees and have lost at least 25 percent of income because of the coronavirus.

The City of Irving is working with the Irving/Las Colinas Chamber of Commerce, the Irving Hispanic Chamber of Commerce, the Study USA and the National Development Council to offer the program.

Licensed child care centers in Irving are eligible to receive micro grants up to $5,000.

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