Print Page   |   Contact Us   |   Sign In   |   Join Now
News & Press: General Tourism News

A message from CFO by design

Thursday, April 2, 2020   (0 Comments)
Share |

Dear TACVB Members:

As with each of you, we have been watching the COVID19 impacts and fully understand that there is an urgent need in the 501(c)6 community to understand loan programs available. Your team at CFO by design has been reading, researching, listening to webcasts and speaking with local SBA officials to best understand these programs so we can best assist you.

Currently, SBA’s Economic Injury Disaster Loan (EIDL)  is the only program that 501(c)6 organizations are eligible for and it is available directly through the SBA  https://covid19relief.sba.gov/#/ .  The sticking point with this program is that any loans over $200,000 require a guarantee by the business owner, since there is no owner of a non-profit, we are awaiting clarification on that requirement and are hopeful that 501(c)6 organizations will be able to apply for the full $2 million.

There is no fee to apply and no prepayment penalty.  We recommend that you apply to get in the que for this program – you can turn it down later, if you determine that you don’t need it.

We would like to share the following information, but please remember that rules and regulations are still being written and that this information has been gathered to the best of our knowledge.

  1. CFO by design - SBA –this is a document that we created and it compares the SBA programs that are in place to assist businesses with working capital needs.
  2. ‘The Small Business Owner’s Guide to the CARES Act’ pdf from U.S. Senate Committee on Small Business and Entrepreneurship is a thorough explanation with links to appropriate websites.  This explains all of SBA programs – but of particular interest to 501(c)6, the EIDL section begins on page 7 of the pdf.

We, also, encourage you to contact your local and state elected officials to discuss the community block grants and Economic Development Agency grants. There will be discretion at the local level on how these are used and they are designed to be local grants for tourism businesses.

We are also, hopeful, that a fourth round of stimulus funding will be approved and we expect that legislation to be friendlier to c6’s.  We will keep you posted.

Also, please let us know if you’d like to set up a time to discuss reforecasting your budget along with cash flow projections. We’re here for you and know that we will get through this stronger and better than ever!

Sincerely,

CFO by design team
(512) 409-9636
cfobydesigntx.com

CFO by design - SBA
The Small Business Owner’s Guide to the CARES Act

 

Don't forget to join the Small Destination Organization COVID-19 Planning Webinar

April 3, 2020
1:00 PM

 

 


Texas Association of Convention and Visitor Bureaus
PO Box 1256
Denton, TX  76202
Phone: 940-999-1002
Contact Us
Copyright © 2019 by TACVB - All rights reserved.

Membership Software Powered by YourMembership  ::  Legal