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What is Texas Back in Business?
Texas Back in Business is a private disaster relief company contracted by the Texas General Land Office to distribute a $100,000,000 Hurricane Harvey Relief Program for Texas Small Business. Qualified small businesses in Texas damaged by Hurricane Harvey, are encouraged to apply for grants from $50,000 up to $250,000.
The funds were authorized by the U.S. Congress as part of the Continuing Appropriations Act, 2018 and Supplemental Appropriations for Disaster Relief Requirements Act, 2017. This is a historic allocation of funds from Congress to help small businesses damaged by Hurricane Harvey.
Is this a bank loan?
The Hurricane Harvey Relief Program for Texas Small Business is not a bank loan. Texas Back in Business is authorized to award grants from $50,000 to $250,000 to qualified Texas small businesses.
Is this part of the SBA (Small Business Administration)?
The Hurricane Harvey Relief Program for Texas Small Business is administered by Texas Back in Business, an independent organization contracted by the Texas General Land Office. The Program and Texas Back in Business are not affiliated with the SBA. However, to qualify for funding, your business must be a small business as classified by the SBA. You can find more information on the classification here.
How does a small business qualify for funding?
- Your company must have been in business on August 25, 2017
- Your business must be a small business as defined by the Small Business Administration.
- Your business suffered damages from Hurricane Harvey.
- Your business is not a privately-owned utility.
- Your business is located within the 49-county Hurricane Harvey recovery zone, as shown in this map.
When will grants be awarded?
Grant awards will be made as eligibility is verified following the completion of the application process and will continue until all funding is distributed. Texas Back in Business is working to expedite funding. Distribution of funds will begin in the first quarter of 2020 and continue until all authorized funds are distributed.
How is the amount of loss I qualify for determined?
The underwriters at Texas Back In Business will visit with you, if you are one of the applications selected, to help determine your loss, your needs and the appropriate amount of funding you may receive in the form of a grant.
Am I required to repay the grant?
If you honor your commitment and use the funds as approved in your grant application, no repayment is required.
What can I use the grant for?
As an economic development program, the funds can be used for to hiring and retaining employees, operating capital, machinery, equipment, supplies, inventory and other items directly related to your business. You MAY NOT use the award for renovations, repairs, or improvements to buildings, purchase of equipment that must be affixed to a building, acquisition of real property, reimbursement for inventory or equipment purchased prior to the award, any pre-hurricane working capital expenses, relieving bad debt, or idle capacity/facility cost recovery.
If I commit to hiring new employees, how much time do I have?
You have up to two years to hire new employees.
How will I know if my application is selected?
You will be contacted to schedule a site or office visit with a Texas Back in Business grant officer if you are one of the randomly selected applications.
Is there an application fee or any cost to apply?
There is no fee to apply. The program is open to small businesses damaged by Hurricane Harvey within the 49 county recovery area, as shown in this map.
How can I be sure that my application receives an equal chance?
Every Applicant Application has an Equal Chance. After the initial three-month application period, applications will be selected using a random algorithm for processing, to ensure that every applicant has an equal chance to receive funds.