The second phase of the Hays County Emergency Cash Assistance Program (ECAP) will go into effect today, Monday, Nov. 9, featuring lighter requirements and a more simplified process to access the free financial resource.
The ECAP fund, which was initiated by the Hays County Commissioners Court in July, is a collaboration between the County, the City of Kyle, PeopleFund, and the Greater San Marcos Partnership (GSMP). The first phase of ECAP funding helped 38 local businesses in Hays County during the early stages of the COVID-19 crisis, all of which were previously unable to secure traditional relief funding such as the Payroll Protection Program (PPP) or an Economic Injury Disaster Loan (EIDL).
During Phase 2 of ECAP, businesses that have received PPP or EIDL funding will now be eligible for a grant, a distinct broadening of the program. Other adjusted requirements include a shorter length of time a business must have been in operation and an updated rubric now based on revenue loss during the pandemic. Businesses that have previously received ECAP funds may still qualify for additional assistance, if they have not reached the maximum award threshold.
Non-profit organizations are also encouraged to apply. Awards will be based on a formula calculating revenue losses over a period of time.
“We recognize that the funds previously provided through PPP, EIDL and Phase 1 of ECAP have already been liquidated by participating businesses,” said Jason Giulietti, president of GSMP. “Phase 2 is another measure our County has taken to provide additional assistance and support to struggling businesses during this ongoing and challenging time.”
The fund will provide a grant of up to $10,000 to qualifying businesses on a first-come, first served basis. Grant funds may be used for:
Working capital (including rent, pre-existing mortgage and utilities)
Inventory or supplies
Furniture or fixtures
Machinery or equipment
Maintenance or repairs
Payroll or Employment Benefits for Qualifying Employees
Application details are available at www.HaysCountyECAP.com. Applicants are encouraged to review the list of qualification before beginning an application. Starting today, Monday, Nov. 9, applicants may begin submitting their application and required documents. Hard-copy applications will be available by mid-November at locations listed on the website.
Applications will close once all funds have been awarded or until December 31, 2020, whichever comes first. For assistance in navigating the application process, contact PeopleFund at 512-222-1016.
About the Greater San Marcos Partnership
The Greater San Marcos Partnership (GSMP) is the 501c6 regional economic development organization serving the city of San Marcos, and Hays and Caldwell Counties focused on positioning the region for a wider diversity of quality jobs with higher wages. The GSMP mission is to increase economic opportunities for all in the heart of the Texas Innovation Corridor.
About PeopleFund
PeopleFund is a Community Development Financial Institution, certified by the US Treasury and an SBA Lender certified by the US Small Business Administration. PeopleFund creates economic opportunity and financial stability by providing small business owners in Texas access to capital, education and other resources. Since 1995, PeopleFund has disbursed more than $100 million in loans throughout the state, delivered 85,000 hours of technical assistance and allocated $100 million of tax credits supporting projects in neighborhoods in need of jobs and revitalization.
Media may direct additional questions to:
John Ellis
Vice President of Marketing & Communications
Greater San Marcos Partnership
O: (512) 393-3406 | C: (512) 781-3065 | E: [email protected]