City of Irving Emergency Business Assistance Program (EBAP)
Purpose: The program is designed to rapidly provide financial assistance to “traditional” small businesses (i.e., those with no more than 100 employees) that have been adversely affected by the current pandemic. Its purpose is to “stop the bleeding” for these firms; it is not to necessarily restore them to their pre-pandemic status.
Preapplication Dates: The pre-application will open on August 24, 2020 and close on September 6, 2020.
Link to the Pre-Application: https://www.surveymonkey.com/r/IRVINGEBAP
Loan Calculator: EBAP Loan Calculator
Funding: $2.5 million of Coronavirus Relief Fund funding (as provided by the CARES Act through Dallas County)
Definition of small business: Business with no more than 100 employees and revenue under $10 million.
Other eligibility requirements: Business must be located in the City of Irving. Business must have experienced a loss of at least 25% in income since March 1, 2020 because of the pandemic. Business must be current in the payment of county and local taxes. Business cannot have received more than $50,000 from the Paycheck Protection Program.
Type of assistance: Forgivable loan
Maximum loan amount: $50,000
Maximum loan calculation: 3 months of payroll, real estate lease payments, utilities, the renting of existing equipment, & the payment of existing business-related loans for equipment, vehicles, and/or real estate + $3000 of restart-up capital.
Loan terms: Loan will have a term of 1 year and an annual interest rate of 1%. No interest accrues and no payments are required until month 5.
Eligibility for forgiveness: The original principal amount is eligible for forgiveness upon Lender’s receipt of documentation that Borrower continued to operate its business for four (4) months and carried at least 60% of the March 1, 2020 full-time employee count and payroll. Each month that Borrower continues to be in operation and maintain the required employee count and payroll, one fourth (¼) of the loan is eligible for forgiveness by Lender.
Excluded businesses: Non-profit entities, franchises, businesses whose primary income is derived from rental/income producing properties, businesses that operate as an age-restricted business. Also excluded are employees of Dallas County, persons/entities who are a party to a lawsuit against the County, and persons/entities who have been a party to a contract with Dallas County that has been terminated in the past 13 months because of insufficient performance.
Status of program: The pre-application will open on August 24, 2020.
City of Irving Emergency Business Assistance Program Overview
Spanish – City of Irving Emergency Business Assistance Program Overview
Basic SPARK Navigation
Home Based Business Profit & Loss Template Tutorial 1
Profit & Loss Template