Third round of EIDL program aims to help small businesses bounce back

Local News

WICHITA FALLS (KFDX/KJTL) — Back in March, President Donald Trump signed into law the C.A.R.E.S act to give small businesses and employees some relief from the devastating impact of the COVID-19 pandemic.

During the same time, the Economic Injury Disaster Loan Program went into effect but only applied to small businesses. The second round of aid was for agricultural businesses. The third round of relief has opened to include both small businesses and agricultural businesses.

“Why wouldn’t you do this? Stick’s Place owner Kim Stevens said. “You’re not going to get this opportunity again.”

Stevens has owned Stick’s Place for six years and has never experienced something like the COVID-19 pandemic. She had to close the doors to the bar for nearly three months causing her to fall behind on bills, that is until she received help from the government.

“This is a good program, it really is,” Stevens said. “The whole United States has flooded the SBA, the Small Business Association, trying to apply for these monies and you all well know, the first $10,000 in grant money, it’s free money with that being said you get a thousand per employee.”

What Stevens is referring to is the EIDL program, which allows a business to receive grants up to $10,000, or a loan up to $150,000. CEO and President of the Wichita Falls Chamber of Commerce Henry Florsheim said this aid is crucial for small business owners who were on the verge of failure.

“It’s huge because a lot of our small businesses, many of them in fact, have been basically cut off from their customers for a couple of months,” Florsheim said.

Regional Director for the Small Business Development Center at MSU, Vanda Cullar said several local businesses have already been utilizing this program.

“I’ve been on the phone constantly yesterday and today just answering questions and going through the process and again the application only takes about ten minutes if you gather some basic information,” Cullar said.

If you are interested in applying, Cullar said they are always there to help small businesses, especially now, when many need all the help they can get just to keep their doors open.

To apply for the EIDL program, click here.

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