Texas small business gets a lifeline: Up to $10M with no collateral and loan forgiveness

Business columnist Mitchell Schnurman writes:

Here’s a hopeful development in the fight against the coronavirus: Washington is throwing a lifeline to small businesses, which account for over 4.7 million jobs in Texas — almost half the total private workforce.

Nationwide, small businesses are slated to get about $350 billion from the massive relief bill that winded through Congress. That translates into loans of up to $10 million per company, depending on their monthly payroll. And the entire amount can be forgiven if owners maintain their workforce for at least a few months.