LEDC Update

I hope that everyone is doing well during this time of caution and social distance. I must say that I never quite realized how much I appreciated the ability to go out and dine at a restaurant or see a movie in theaters until it was taken away from me. Thankfully though, cabin fever hasn’t fully set in yet although I am quickly running out of things to watch on Netflix.

Over this period of economic uncertainty, the LEDC has switched tracks somewhat. While I generally want our organization to be consistently making proactive moves with the future always in mind, we are currently dedicating more time and resources to ensure that our local businesses are able to weather the storm at hand.

With the help of my assistant Mr. Kimmel, we’ve updated the front page of our website (lindenedc.org) to host a list of all current COVID-19 disaster relief resources. These resources include a link to the Small Business Administration (SBA) Economic Injury Disaster Loan form, a link to all current resources that the Texas state comptroller is providing to businesses to help mitigate any burdens stemming from sales and use taxes, as well as an economic impact survey published by the Texas Economic Development Council meant to gauge impact of the disaster to help insure that our state receives the necessary amount of federal assistance in these trying times.

Another form of relief that has just been approved by the SBA is their Paycheck Protection Program. The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business with a loan of up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, the SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Under these stipulations, up to 100% of the loan is forgivable.

We’re also keeping a close eye on any and all developments that could be leveraged to help our local businesses. These developments can range from in-depth information on resources as they become available to grants that may potentially be offered by non-profit corporations seeking to assist small businesses.

While we have closed our office to general traffic, we have not stopped seeing business owners and community members by appointment.

In fact, I’m encouraging any business owners who need help filling out relief forms or grants to contact our office and make an appointment for one-on-one assistance.

Appointments can be made by calling 903-756-7774 or by emailing myself or my assistant at lindenedc@gmail.com and ledc.assistant@gmail.com respectively.