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Pharr CARES (Coronavirus Aid, Relief, and Economic Support) Loan Program

Loans to Texas Businesses in Eligible Locations
to Mitigate the Financial Effects of COVID-19

Agency Type:

Foundation / Corporation

Funding Source:

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Pharr Economic Development Corporation (EDC)

Deadline Date:

06/30/20

Description:

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Loans of up to $5,000 to Texas businesses in eligible locations to support recovery efforts in the aftermath of the Coronavirus (COVID-19) health crisis. Funds may be used for business expenses including supplies and equipment, mortgage and rent, personnel expenses, utilities, and critical business equipment and supplies. Loans are available to Pharr businesses impacted by the pandemic.

In order to infuse local businesses with the cash they need to begin economic recovery in the wake of the COVID-19 pandemic, the Pharr EDC Board of Directors has approved the Pharr CARES program. Nicknamed Pharr CARES (Coronavirus Aid, Relief, and Economic Support), this program provides forgivable loans for local businesses suffering from the economic impact of the COVID-19 pandemic.

As Texas reopens its economy, these businesses face the uncertainty of how to rebound and thrive once again. Pharr CARES provides the support they need to move forward:

  • All loans for working capital purposes in order to help businesses immediately begin recovering.
  • Loans may be used for critical business costs such as personnel expenses, rent or commercial mortgage payments, utilities, and critical business equipment or supplies.

GrantWatch ID#:

GrantWatch ID#: 190375

Estimated Size of Grant:

Pharr CARES provides forgivable loans between $2,500 and $5,000.

Term of Contract:

The loans will have eighteen (18) month terms and payments will be deferred for the first six (6) months.

Additional Eligibility Criteria:

Loans are available to Pharr businesses impacted by the pandemic.

In order to qualify for funding under this program, the business must meet all of the following criteria:
- The business must be located in the corporate city limits of Pharr, and must be in compliance with all applicable zoning, land use, and other ordinances.
- Proof of applicant’s ownership of the business shall be required.
- The business must be at least 51% owned by a US Citizen or legal permanent resident (LPR, green card holder).
- The applicant must employ less than 25 employees.
- The applicant must be current on all property and sales taxes due and must show evidence of payroll taxes withheld and remitted.
- The applicant must submit either balance sheet and profit and loss statements or Federal Tax Returns for the last two fiscal year s and the current year to date balance sheet and profit and loss statement.
- The applicant must demonstrate direct negative impacts of the COVID 19 pandemic on their business.
- There is a limit of one loan per funding opportunity per applicant.
- The PEDC Board retains final discretion on funding eligibility and award amount.

Pre-Application Information:

The application period for this loan will remain open until June 30, 2020; until funding has been exhausted; or until the PEDC determines that its program goals have been satisfied.

The loans will have eighteen (18) month terms, charge 0% interest, and payments will be deferred for the first six (6) months. During the six-month deferment, borrowers can have the loan forgiven if they comply with all terms of the loan agreement.

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Application: https://form.jotform.com/201473999888075

Online submissions are greatly preferred; however, you may also print the application in Supporting Documents below and return a hard copy along with the required documentation to the Pharr Economic Development Corporation Office located at 1215 S Cage Boulevard, Pharr, TX, 78577. Please note that the office currently has restricted access to the public. Please call (956) 402-4332 for more information.

pedc@pharr-tx.gov

URL for Full Text (RFP):

Geographic Focus:

USA: Texas: Pharr

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